Sunday, December 2, 2012

A Move To Test Neckline Is Very Likely

SGS is Long (As of close of 4/30/2012) 

SPX is trading within a rising price channel (shown in thick orange).  Chances are good that SPX continues its rally this coming week to 1430 - 1435 to test the Neckline of a possible Inv. H&S formation .  After that SPX could sell off to 1410 - 1400 to put in the Right Shoulder and then rallying pass the Neckline which would signal a melt up to lower 1500.

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Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.