[/caption] This Beautiful Inverted Head and shoulders started to execute early this am. Pre New York open. You can see the break of the Bear Channel's Resistant trend line with test down to the 50MA, purple, and then breakout from 1337.50 with news at 8:30 ensuing in 13 point run to 1350. A full extension on this move will be to 1372 Extreme high. The Point of Control is 1344. There is a consolidation zone from previous price action 1345-48. During lunch this is the where a lot of retail will be headfaked. Resistance on this move is the swing high of 1350 with 1356 showing some minor resistance to a move up on previous swing highs on Long term. Looks low volume for the day, which normally coincides with price levitation. The 200 MA will give some Resistance on this move up. Might have to bounce down to 1341 area to make the move up. S&P 500 day trading course
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