S&P 500 at a critical area!

[psperos]

The s&p 500 index is currently at a pivotal juncture as it has formed a bullish inverted Head and shoulders pattern. By taking the distance from the head to the neckline I get an upside target of 1316.39 which also happens to be a major resistance level. I'm are bullish on a break above the neck like at 1229.45( with stops at 1182) as long as the negative divergence on the weekly rsi breaks out along with it.

Please note: A failure for the s&p to break out here could be devastating

- Peter