The huge move up by the S&P index formed an inverted H&S of sorts on the daily chart with the 200day resistance at 1265 pts creating resistance. Is this going to be a bullish call? I would want a clean break above the 200day MA to be long though. Is this a time to go long or place your short bets? It will be prudent to remain open-minded at this current moment.
Click on chart to enlarge (S&P 500)
United Steel (X) has formed an inverted H&S bullish pattern. The confirmation of this pattern will be break of the neckline. I would suppose traders would place tons of buy stop at slightly above the neckline, me included.
Bank of America - Double bottom?
Click on chart to enlarge (S&P 500)
United Steel (X) has formed an inverted H&S bullish pattern. The confirmation of this pattern will be break of the neckline. I would suppose traders would place tons of buy stop at slightly above the neckline, me included.
Bank of America - Double bottom?
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