The s&p futures broke out to the upside Monday to levels not seen since May. Not only is this move a continuation of the rally since the 1030′s but also produces an inverse head and shoulders pattern that has a target above April highs well into the 1200′s. Below is an hourly chart where you can see this pattern with white ovals as the head and shoulders and the breakout above the blue resistance (neck) line. The market is short term overbought with 11 out of past 14 days closing positive, but this does not mean the market can not continue to squeeze the bears and push higher. While this bullish pattern may take months to play out, some short term areas to watch for are 1150 on the upside and 1114 on the downside.
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