A Bullish Scenario

may be setting up in the S&P 500 (SPY), the key words here are “may be”. I still believe that the daily picture is still a mess, which favors shorter term trades, but we always have to be aware of all potential scenarios. One potentially bullish outcome would be for the SPY to make a run for trendline resistance near 152, back off to about 150 and then to blast through the 152 level to complete an inverted head and shoulders pattern. If such a move were to unfold, it would imply an upward target near 165 which would be all time highs again.