From GreenShoots to Head&Shoulders

by Ashraf Laidi
Jul 14, 2009 17:18

From GreenShoots to Head&Shoulders - SPX Jul 14 (Chart 1)

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.

 

More Hot-Charts

  • Patterns on Fridays & Mondays

    Mar 30, 2026 14:38 | by Ashraf Laidi
    Since the start of the war on Iran, the pattern of falling Fridays in US equity indices has become obvious. Will the pattern ends this week.
  • Pre Fed Technicals

    Mar 18, 2026 14:52 | by Ashraf Laidi
    سأرسل رسالة صوتية و كتابية توضيحية لأعضاء مجموعة الواتساب الخاصة حول هذه المخططات - Will send detailed note on latest parameters to our WhatsApp Bdcst Group...
  • GoldBugs & Levels

    Mar 3, 2026 16:14 | by Ashraf Laidi
    سأرسل رسالة صوتية و كتابية توضيحية لأعضاء مجموعة الواتساب الخاصة حول هذه المخططات - Will send detailed note on latest parameters to our WhatsApp Bdcst Group - -...
Hot-Chart Archives