I'm not going long on this basis along and need more confirmation, but note the inverse head & shoulders pattern in the S&P 500. The SPX currently also sits right at the 50 day moving average (yellow line) and this morning is gapping up 0.7%. I need more confirmation to go long, but for now this is an interesting discovery. An ultimate final target of this inverse head & shoulders pattern would also be around $1340, which is the high-end of the $1380 – $1340 final upside target I currently see for the SPX. Funny how these things work huh?