S&P 500 27/07/2009 - Update

We can see broadening formation on S&P. The price is near the upper trend line. If it doesnt break it, it might retrace towards the support of 950 or 930 creating a partial decline. Depicted in the chart is just a possibility.



Previous update on S&P is pasted below.

The previous H&S Top pattern on S&P 500 has been busted as the prices moved above 956 (The head). The H&S bottom pattern is still valid. The recent dip near 870 acted as a throwback. If this pattern is valid, we may be headed towards 1084 with resistance at 986 and 1007. Support will be near 950 and 930. So its a buy on every dip. I had updated this pattern on 10/05/2009 here.