In addition to the S&P 500 ($SPX), the S&P MidCap 400 ($MID) formed an inverse head-and-shoulders pattern over the last four months and broke neckline resistance with a surge on Monday. MACD also remains in bull mode as it remains in positive territory and above its signal line. See our
chart school articles on chart patterns for more details.
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Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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