08 July 2011

S&P500 : Weekly SHS Looking Unlikely

  • Had been previously mindful of possibility of the weekly chart forming a SHS top with right shoulder at 1344. This latest bout of strength makes that scenario less likely now.
  • Monthly : Strong uptrend, even through the selloff to 1258.
  • Weekly : as above.
  • Risk On. Look out for new highs above 1371. 
  • Nothing in this directly, but positioned Risk On elsewhere.

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