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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Robert Graham who wrote (24940)7/6/2000 1:05:54 PM
From: John T.  Read Replies (7) of 42787
 
Chart of *potential* Inverse Head & Shoulders pattern on SPX 60-min Chart:

home.swbell.net

Note the word, *potential*.

Right now, on the 5-minute chart, it looks like the SPX is trying to break out of an inverse head and shoulders pattern formed yesterday and today. The minimum upside target on this would be about 1460.

Also, in the chart that I posted, not the overall broadening pattern on the SPX 60 minute chart. If the SPX does break out of the inverse head and shoulders pattern on the 60-minute chart, that would take the SPX up to about 1495. That is approximately the upper trendline resistance of the broadening formation.

EDIT: Also, note the Bullish Divergence between price and momentum indicators on the 60-minute chart. Price made lower lows but indicators made higher lows (as indicated by bold red trend line). This is short term bullish.

Just my 2 cents....
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