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S&P Chart Update

The equity market bounced off of its long term support earlier this month and has ripped higher.  It has pushed past where it would have needed to stop for a “Head and Shoulders” pattern.  Next resistance would appear to be the previous highs (1850ish on S&P) and then trendline resistance (1880ish).  The bearish “rising wedge” that has formed over the last 5 years remains intact.  Though it appears to be near the end, the chart has room for another year or so of gains before the lines actually converge.

2014-02-14-SPX_CHARTS

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