Prices have halted their advance over the last few trading days, with many indexes near their February highs, and some above. The latter (first two charts below) actually give a clearer visual clue as to why to expect a pull back. The third chart has a zone of where my analysis suggests a pull back would end on the S&P 500; either at a slightly higher high from the most recent 15 point reaction, or back to the 1300s for prices to form an inverse H&S.
Another reason to expect a pull back is that the T I presented in a
prior post expires tomorrow as well. Today was also a potential reversal day because of the European Central Bank policy decisions. However, I would
not sell (short) because there is a possibility of an upside breakout.
All charts are in 30 min bars.
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