$SPX Potential H&S (Update)

June 10, 2010 · Posted in Head and Shoulders · 2 Comments 

After few negative bias days, $SPX may be attempting to rally to form potential H&S pattern. The last SwingHigh was on April 26th at 1219.8. The Fib. retracement levels of 50% is at 1131 and 62% is at 1152. The first hurdle to reach this level is 200-SMA at 1107. If SPX passes this level, it may reach 1130-1150 level easily. We’ll evaluate at that level to see if it is a second-shoulder. See the Volume in the second shoulder to get some hint of H&S pattern.