SPX 2-Hour Chart Inverted H&S

The blue inverted H&S was highlighted last week but the 1711 target was very questionable. Not this morning with the S&P futures +20 on news that Summers is withdrawn from consideration for the new Fed Chairman position. The blue lines show head at 1627, neck line at 1669, target 1711. The strongest support and resistance levels are 1710, 1691, 1685, 1669, 1652, 1649, 1639 and 1627. The chart was weak so the stick-save with the Summers announcement arrives at the perfect time to help the market bulls. The daily chart has one tiny gap remaining at 1707 which will be filled at the opening bell. Watch the thin red lines for the indicators since the bulls must push above to signal a continuing recovery rally. With price back up to the 8/2/13 market top, a 100% Fibonacci retracement occurs. Stochastics will remain ovebot and negatively diverged as the SPX prints the highs today. 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.