Tuesday, September 21, 2010

"Midcap SPDR also forms inverse head-and-shoulders $MID"

After a very accurate call on September 8, "IS A HEAD AND SHOULDERS BOTTOM FORMING IN STOCK?" as "Year-End Consensus S&P 500 Price Target Drops to 1,205", when the S&P 500 closed at 1,098.87 (currently 1142.94, up 4% since Sept. 8), StockCharts' ChartWatchers blog follows up with an observation on the smaller guys:
In addition to the S&P 500 ($SPX), the S&P MidCap 400 ($MID) formed an inverse head-and-shoulders pattern over the last four months and broke neckline resistance with a surge on Monday. MACD also remains in bull mode as it remains in positive territory and above its signal line. See our chart school articles on chart patterns for more details.
Click this image for a live chart