AMEX:SPY SPDR S&P 500 ETF
A potential formation of an SP 500 reverse head and shoulder pattern has occurred as of September 25th. A Descending neckline has formed on points A and B with a head formation on an August 24 low of 1819. A Descending pattern was initiated at neckline point B and is now complete at the right shoulder. Due to the descending upside target, a reversal to point C and above neckline has potential. If the SP 500 closes above the neckline at point C on higher , a valid formation of a Reverse is expected with a significant upside target of 2280. It is recommended that stop losses be placed at or below the neckline.