Forex,Stock

DOW JONES, NASDAQ 100, S&P 500 TECHNICAL OUTLOOK The S&P 500 is trying to turn higher here after coming into the week looking like it may want to continue lower, at least in the near-term. The turn could start to carve out the right shoulder of an inverse head-and-shoulders pattern. If this pattern were to eventually trigger, it would set the market up to trade to fresh record highs. There is still a lot of room, though, for this pattern to not reach the point of validation as it would need to climb above 4637 to have a shot at doing so. The first level up to contend with (again) is the 200-day MA at 4496. The market is poised to have that battle today given pre-market futures are trading higher. Beyond that point there is any highly meaningful resistance until the trend-line off the record high, which isn’t until around 4575. It will be important that the market holds this week’s current low at 4370 for the outlook to remain intact. A decline below 4370 won’t necessarily take out the inverse H&S scenario completely, but will certainly undermine its likelihood and increase the chances that we see a test or worse of the Feb low.