The H&S on SPX broke down yesterday with alternate targets at a retest of 1812 and 1797. I’m not seeing any reason to think that we won’t at least see a retest of 1812 and given that today is also a cycle trend day, it’s very possible that we see that target made today. SPX 60min chart:
I saw this chart on a post at businessinsider.com this morning and capped it to look at the pattern setup. Very nice falling channel on global equities here, and global markets are still quite some way above channel support. Global Equities Chart:
As long as SPX respects broken H&S neckline support at 1872 today I’m looking lower. For today an AM high that fails hard would be good to see.
