Friday, November 13, 2015

MTU Weekend Ed. - Head and Shoulders (11/13/15 close)

Very-large-caps got rejected by the top of their 2015 topping zone and are retesting the bottom of that topping zone, while mid-and-small-caps got rejected by their 2015 topping zone altogether (Chart 1).

The combined effect is a rejection by the 2015 topping zone in SP500 (Chart 2). SP500 is now testing a prior bearish trend line (Chart 2 red trend line), which could provide potential support for the near term. In addition, a successful head-and-shoulders pattern in ES which we have been tracking over the past week has now reached its projected target (Chart 3)






At a larger degree, SP500 appears to be following the red and blue scenarios we been tracking in Chart 4.



blog comments powered by Disqus