These charts are as of yesterday’s close, and my first chart is of the S&P 500 Index (SPX). Yesterday’s rally was very constructive. The price action vaulted the index back above its 50-day average, and volume rose nicely, making for a second straight accumultion day.If you look at the chart below, you can see the building reverse head & shoulders formation. The left side of the shoulder is the January lows, the head is the March lows, and the right side of the shoulder is the recent pullback in April.The completion of this formation [...]
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[Source: The Money Blogs]
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