S&P 500 (CME)
The S&P Index is attempting to penetrate the neckline of a 22-month continuation inverted H&S pattern. Note that a 15-week ascending triangle has been completed on the daily chart of the Dec contract. Perhaps this triangle will serve as the launching pad to complete the larger H&S configuration. Factor is long.
The DJIA is within striking distance of a new ATH. An advance above 27,505 would mark a breakout.
Factor is long. I will manage this trade using the 18-DMA.
ACWI Fund (NASDAQ)
The All-World ACWI Index Fund has broken through the neckline of a 21-month inverted H&S configuration. The right shoulder has completed a 5-month rectangle. Friday’s advance was impressive – we will have to see if there is further follow-through.
Factor is long based on the completion of a running wedge. The advance has exceeded the 70% mark of 251.30 for the purpose of applying the 3DTSR for ½ of the position. I will attempt to ride the remaining tranche based on the DMA.
Factor is flat. The rally this past week completed a 13-week ascending triangle – but immediate follow-through has been lacking. Yet, it is possible that the Oct 28 gap up will remain a daily and weekly breakaway gap. I remain interested in owning MSFT.
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This article was written by Peter Brandt. An author, financial blogger and commodities trader.
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