[/caption] The weekly chart of the S&P500 shows us a very clear continuation pattern of the Inverted head and shoulders. Have added a Fibonacci retracement on this swing up to gauge the move down. You can see some major support on the weekly chart around 1210-1215 with the first area of support coming in at 1262. The weekly is presently showing some price failure in this area which could indicate that this down side move will turn. We practically touched the Supporting trend line with this price failure. A pattern to look for will be on the opening of next weeks bar, if the candle stick stays within the real price of this weeks candlestick and test and retraces to 1300, then we might see test to the top. This could give us a double to in a few weeks. Quantitative easing has not yet ended, so watch out. Don't get a crush on this down side. A lot of traders are ignoring the charts and are trading what they see in the economy and getting squeezed out. Remember, the technicals and forget the news. You don't have to trade the extreme volatility to make money in this market. If you are feeling left out, then you better refer to your business strategy and your quantified results. Sitting out during this high volatility could save your acc [...] S&P 500 day trading course
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