Home > Short-Term Trader > Quick Glance At The S&P

Quick Glance At The S&P

Yesterday the Inverse-Head-And-Shoulder pattern I highlighted here on Wednesday triggered as we broke through 1094 in the ES contract. The projected target zone stands at 1120-1145. A measured move, determined by the range of the I-H&S set-up, dictates a possible 50 handle move providing the 1145 target as my most bullish scenario at this point.

A 61.8% retracement level exist at 1120 and the 76.4% comes in at 1140. There are also a couple of downtrend lines and moving averages (20 & 50 day) the market will have to contend with as it trades higher into the target zone.

Click on chart to make bigger




Categories: Short-Term Trader
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: