From GreenShoots to Head&Shoulders
As the buzzword shifts from Greenshoots to Head & Shoulders, lets take a look at that H&S formation in the S&P500. The all important trend line of 877 was tested 4 times last week before a break out ensued on Monday based on Meredith Whitneys buy rating on GS. Before testing the right shoulder (resistance) of 930, S&P must first overcome the 55-day MA (currently at 908), followed by the June 11 trend line resistance stands of 916. Much has been said about the notion that excessive media coverage on the H&S pattern reduces the likelihood of the pattern materializing into its bearish path. A decisive break (close) below 875, will eye interim support at 840, before the interpolated target of 810. For the bulls, the importance of "saving" the 877 neckline is paramound, just as it is vital for the bears to hold below 930.
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