Near Term Trend: Positive
Friday’s Settlement: 3069 (- 18)
UPDATE: For the last twelve weeks 3010 (our proprietary black resistance neck- line) has acted as the key upside pivot, and price action remained under that point (on a close basis) for this entire period. The overall pattern from mid- January forward is considered a Head & Shoulder Bottom (3010 is the neck line).
As of this past week, price action traded above the pivot point (Neckline) completing the formation of the Inverted H&S pattern. Based on this alone- a measured move to the 3300 region is warranted.