The S&P 500 index approached the "cup and handle" target at 6152 points, but recently it has formed a "head and shoulders" reversal pattern at the neckline. The index has retraced to 5783, filling a previous gap. If it trades below this gap, it may head towards 5583 points to achieve the head and shoulders pattern target.
Trade closed: target reached
The S&P 500 hit that 'head and shoulders' target I mentioned before, dropping down to target points . My earlier call about it retracing from 5783 and filling the gap totally played out. Right now, I’m watching to see if it holds steady around these current price levels. If it can chill here and show some strength, I might flip my outlook to bullish and start feeling good about where it’s headed next
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.