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Beware of the Head and Shoulders pattern at S&P500

SPX Tech analysis by Simon Kazinsky on 08:41 May 19, 2016 EST

The S&P 500 index is lingering the neckline of a textbook head and shoulder that has formed since march 2016.

The neckline is in the 2035 area while the index trades at the moment of writing at 2038. If the head and shoulders pattern plays out the objective would be around 100 points below for a target around 1940.