Market Update

I imagine attendance at 6 Flags was down dramatically over the weekend as investors had their fill of rollercoasters during the week.

As shown on the Dow, wild swings occurred everyday on the index.  The Indices ended on a high note breaking out of the trading range, and, followed thru yesterday.

Last week the Indices put in a nice tail ending the week almost unchanged.  The weekly indicators are nearing the bull market bottoming levels, but recent activity has been looking starkly bearish.

The daily chart shows the S&P exceeded its H&S pattern target of 116.  In such a pattern, the index should bounce back and touch the neckline at the breakdown area which is around 126.  Besides the neckline resistance there is a confluence of ema resistance near the neckline (in the orange circle).  With the indicators curling up, the index has a good chance to hit the backtest area but face significant resistance and be turned back.