The S&P 500 Index ($SPX) has developed several major technical patterns over the last few months that many traders will be watching closely in the weeks to come. Important directional clues could be revealed by these patterns ahead. Take a look..
I wrote about the $VIX Reversal Signal in my June 30 entry entitled “Follow the $VIX”. So far, the $VIX Reversal Signal has been money…but so has the H&S fake breakout I diagrammed on the S&P 500!
The Volatility Index ($VIX) fired off the first step of a key reversal signal after yesterday’s close – one that could spark the next buying opportunity in the broader market. Let’s take a look!
With the recent retracement in the S&P 500, talk of the developing head-and-shoulders pattern is likely to take center stage once again. Since the pattern forecasts a target of 860, it doesn’t hurt to take a look.
