Daily Recap 3-19-2014 – Possible Inverse Head and Shoulders

This looked to be another green day or at most a consolidation day until Mrs. Yellen opened her mouth and dropped the market. I guess I should hand it to her that at least she is telling the truth about what is intended, as the way the market is behaving lately by tomorrow investors will have an excuse along the lines of “the market has already taken that into consideration” and will return to buying mode, or would they?

There is a possible inverse head and shoulders pattern forming with a neckline around 188 (see image below), if manifested tomorrow we should see a breakout with a potential target of 192.5.

The system exited the 60 min long position with a nice profit a couple of hours before the market started declining and is now looking at a potential 120 min long reversal trade. For exact entry points you can look here 

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2014-3-19-Daily

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