Chart Patterns and TA

[gfp927z]

Fwiw, I'll stick with my prediction for the S+P - that it will consolidate back to around the 200 MA (which is converging with the 50 MA), and from that base (2740-2750) will launch the assault on the Sept/Oct high, with the Fed/PPT as a prime mover if needed.

They simply can't afford to let a Head + Shoulders become a reality, and thus will juice the market to put in a new high. The Fedsters have enough problems with the slowing global economy without a bearish stock market to deal with.

Juicing the S+P a couple hundred points to a new high is a relatively easy task for the Fed/PPT, and once the new high is in place the TA/chart threats are greatly resolved -- the ominous spectre of the Head + Shoulders is gone, the long term bull market uptrend is officially reconfirmed, etc. These TA signals may seem arcane, but they are what 99% of Wall St go by, and set their computer algos for.