The market has moved into a much stronger stance lately. The buyers or (bulls) have really stuck it to the bears lately and given them a real show.
Maybe every man and his dog was talking about the SELL IN MAY phenomenon and the bulls got sick of that, and thought to themselves...."lets give those bears a real run for their money" Well that is exactly what has happend!
We will however let the charts do the talking for now. You can see on the RUSSELL 2000 daily chart below that there is a pattern that other traders out there are not seeing. Not only has an inverted head and shoulders pattern presented itself, we have broken out of the neckline area of 950. This means, the bulls are not only giving the bears a run for their money, but now in an area where more sell stops could start to trigger and send the market up even higher.
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| inverted head and shoulders |
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