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

ES 

 

 

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Categories: Short-Term Trader
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