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Two weeks ago technical analyst Chris Kimble showed us the S&P 500 climbing a wall of resistance (July 13th, see second chart below). Today Chris gives us an update (first chart).
Chris explains: In the July 13th post I suggested that if resistance was taken out you should "go for it." The chart above is an update. Currently the resistance on July 13th has been broken. Now the 500 index might have created an "inverse head and shoulders" pattern with the all-important "NECKLINE" being tested right now.
As we have seen in the past, the neckline (around 1,125 plus 1%) often becomes the key to the entire head and shoulders pattern.
See chart for instructions for placing a stop on current positions. Also see this link for other resistance hurdles that have been taken out.
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