Inverted head and shoulders on the SPX?

Quote from stock_trad3r:

Market forming a strong base in the 8000 range. A 500 point breakout to the upside is expected.
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It's hard to determine a point or percentage breakout from one trading session's performace...however to keep this in technical analysis prespective...a close today above the 8 sma (840.13) would be very positive and reassuring.
 
Sold 839.00's today (small delta NET short holders zone 836's to 837.75) as the market grabbed the inventory up to stops for the 837's (stops were up to 839.75...the usual two point area above the delta net holders zone)........worked out well for a nice quick hit. Still holding my remaining 873/874 SHORT entries for last targets at 803.00 and 793.00 :)
 
Quote from Dogon566:

It's hard to determine a point or percentage breakout from one trading session's performace...however to keep this in technical analysis prespective...a close today above the 8 sma (840.13) would be very positive and reassuring.
More...

A nice close. it would take absolutely horrid, unexpected news to drive the market in the 7800's. 8500 seems very reasonable this week.
 
The only thing not confirming this upward movement is the BANK, otherwise VIX, TRIN, and TRAN all confirm, although I wouldn't say TRIN confirms just doesn't go against it. The TRIN hovererd about 1 all day. Is it possible that BANK will no longer lead direction? Once the banks are smashed down to their value, should they not then lag the market on the return to normal pastures? Typically, the stocks that are the most beaten in a recession, gain back the least when the bull market resumes, shouldn't this be true for the banks?
 
Looks like the QGRI cleared the Jan 20 gap and is on the way up

Many banks hit their old bottom then turned this afternoon.

(I hope).

But we should see at least a couple of up days in the S&P.

Friday will be the test!!

UNEMPLOYMENT

You think?
 
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