Bounce to Resistance Might Signal Head and Shoulders Pattern
Posted on April 18, 2012 at 10:40 AM EDT
The Dow (^DJI) bounced right at our third support level and now may be putting in a bigger head-and-shoulders pattern which means we must be patient and see how this area plays out. During this time it is much more important to build a watch / trading list than it is to run in and get cut up trying to guess which way we will trend from here. During earnings season I like to build a list around names that have already reported and may present post-earnings trading opportunities. For example Goldman Sachs (GS) was red after what was ...
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