[/caption] We are looking at resistance at 1211-3 mark. Goldman Sachs news hit and executed on what was a very low volume Head and shoulders on the hourly chart. We have completed the move down and now am looking for a retracement to 50 or 61% for an ambush on the next leg down. We have touched the supporting trend line at 1182.50 on the four hour chart, in order to keep this upward trend in tact we will have to break above the 1198.75 resistance. If this resistance holds we could be looking at a Head and Shoulder pattern on the 4 hour chart with the formation of the right shoulder off of 1197-99. Look for a downside target in the 1169-72 area. If we settle above the 1198 area and gain some commitment, with buyers buying, we could be looking at a test back up to the neckline of the previous Head and shoulders and some consolidation in this area. [caption id="attachment_2188" align="alignleft" width="171" caption="S&P500 day trading course 240 short Head and shoulders"]
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