Morning Thoughts October 11

After yesterday's low volume Sally rally the first real test for the market arrives as traders may have slept off the hangover this morning. 

Two bigger picture charts on the S&P 500 worth noting this morning…for some perspective:

The daily chart shows major resistance coming into place near 1250-1260, which will also coincide with the 200 day simple moving average.  This may be our year-end rally target…best case up to 1300.  Of course all subject to revision as this volatility-driven market wiggles through the fall.

let's also not forget the bigger picture head & shoulders pattern in construction on the weekly chart:

 

 

 

 

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