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Stock Market Alert: Inverse Head And Shoulder



June 20, 2011 – Comments (0) | RELATED TICKERS: SPY , DIA , QQQ

The markets are at a pivotal point today. As of now, there is a beautiful inverse head and shoulder pattern on the intra day SPDR S&P 500 ETF (NYSE:SPY) chart. This can be seen on the chart below. An inverse head and shoulders pattern is a bullish pattern should it be triggered. To trigger, the pattern must break the neckline to the upside. This would set off a move higher with a target on the SPY of $130.00 near term, most likely this week. The SPY is having a solid up day, trading at $127.82, +0.76 (+0.60%). A move over $128.00 would begin trigger this bullish pattern.

The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) is trading at $120.59, 0.85 (+0.71%) and the PowerShares QQQ Trust, Series 1 ETF (NASDAQ:QQQ) is trading at $54.13, +0.34 (+0.63%). The QQQ was triggered as a long swing trade on Friday at a price of $53.85 inside the Research Center. In addition, other positions making money for Research Center members are Morgan Stanley (NYSE:MS) and General Electric Company (NYSE:GE).

Gareth Soloway

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