A bullish chart pattern, known as an inverse head and shoulders, is cropping up in a number of assets and indexes in recent trade and suggests that the broader equity market may have more room to run beyond its current record levels, according to Asbury Research.
However, gains for the Russell have cooled somewhat, rising 5.9% over the past three months, compared with an 8.8% rally for the S&P 500, and a nearly 12% advance over the past 90 days in the Nasdaq, according to FactSet data. …and the same holds true for the financial sector, per the Financial Select Sector SPDR ETF XLF, -0.82% :
Kosar said: “I like to see something behind the head and shoulders…what I look for is ‘do I see the pattern everywhere else?’ All of these markets and indexes generally move together, so if you are looking at a large market pattern it is usually corroborated elsewhere,” he said. “It doesn’t mean that you can put everything on black, these patterns can still break down,” he said.
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The measured move on these would be huge.
Chart patterns?
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