Market Update: Inverse Head and Shoulder

The markets are at a pivotal point today. As of now, there is a beautiful inverse head and shoulder pattern on the intra day SPDR S&P 500 ETF (NYSE:SPY) chart. This can be seen on the chart below. An inverse head and shoulders pattern is a bullish pattern should it be triggered. To trigger, the pattern must break the neckline to the upside. This would set off a move higher with a target on the SPY of $130.00 near term, most likely this week. The SPY is having a solid up day, trading at $127.82, +0.76 (+0.60%). A move over $128.00 would begin trigger this bullish pattern.

The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) is trading at $120.59, 0.85 (+0.71%) and the PowerShares QQQ Trust, Series 1 ETF (NASDAQ:QQQ) is trading at $54.13, +0.34 (+0.63%). The QQQ was triggered as a long swing trade on Friday at a price of $53.85 inside the Research Center. In addition, other positions making money for Research Center members are Morgan Stanley (NYSE:MS) and General Electric Company (NYSE:GE).

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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