The opposite will be the result. So I hear from all the chart and fundamental analysts, and all the traders and investors that S&P 500 is heading to 1220-1230 for a test of strong support. Over the weekend I read a very well structured explanation by a very good chart analyst/trader about how it will happen, and there is no doubt it will. After so many people wish for the same thing to happen - the opposite will be the result. Market does this all the time. When everyone is positioned the same way - nobody is left to continue the trade in that direction. We are sitting at 1273 on SPX as I type on June 27 @ 9:50 am.
So when traders realize that it is time to cover SPX can go back up to 1302 for the backtest of the right shoulder of inverted (now broken) head and shoulders pattern on daily chart.
Lets see what happens...
and as always, my view is not to be your trading guide, I am in noway responsible for your trades, and provide this post as educational material
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