To the Penny

posted Oct 30, 2014, 9:25 AM by Katie Shook

On Tuesday I briefly mentioned the ‘head and shoulders’ pattern that the SPX was forming.  The left shoulder peaked on July 24 at 1991.39 before pulling pack to 1904.78 on August 7th.  The SPX then climbed over 2000 in September (the head), before falling all the way to  1820.66 on October 20th.  Since then, the market has recovered to a high yesterday of 1991.40 (the right shoulder).  The question is, do we reverse from here and head negative or not?

Technically when the right shoulder is higher than the left the trend should continue higher.  But one penny?

ScreenHunter_06 Oct. 30 06.23

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