The long term chart of the S&P Index shows a complete Head&Shoulders
pattern. The price broke the neckline three days ago and it triggered a sell
signal.
The classic target of a H&S pattern is at $1,295. Other
important supports in the $1,300 area are: 38.2% ($1,290) retracement level of
the October – April rise; October 2011 local high at $1,292; $1,300 psychological
(round) level.
The short term perspective for the index is neutral, as the
bulls reacted in the $1,340-$1,350 support area.
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