IanTimberlake
Long

Two potential outcomes with $SPY, leaning LONG

AMEX:SPY   SPDR S&P 500
It appears $SPY might form a reverse-head-and-shoulders pattern by dropping down to resistance at 208.40, to which it bounces back up and breaks upwards resistance at about 211. The contrarian idea is that almost one year ago we saw a reverse-head-and-shoulders pattern that didn't break resistance and shortly collapsed. I'm leaning LONG because it appears that over the previous year, highs were trending lower and now they appear to be trending higher, having already broken through the slight downtrending upper resistance line.
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