SPX 15-Minute Chart Inverted Head and Shoulders (H&S) Pattern

The 15-minute provides a nice view of the inverted H&S. Head at 1577 (which is the 100-day MA), and neckline at 1599 targets 1621 if the 1599-1600 gives way to the upside.  Interestingly, the 50-day MA is at 1618-1619, and price should back kiss this area, so a confluence forms at 1618-1621 and serves as an upside target. Also note the gap fill that may be desired at the strong 1626-1627 resistance.

The red lines show the negative divergence spank down. Price based late Thursday and Friday with the green lines creating positive divergence and bouncing price back upwards. The action late-day Friday was weak, the money flow is in bad shape wanting to see lower prices moving forward, however, there is some long and strong juice that may help carry price higher. Overall, the indicators are mixed and look to prefer a sideways to sideways lower bias. The key for Monday is 1599-1600 since that would set the upside 1618-1621 target in play. If the 1599-1600 resistance holds, price will then travel lower again to look at the 1576-1579 support gauntlet area to make a decision. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.