Market Catches its Breath

Last couple of days have been a little lazy in the markets. Following the sell off, markets hit lows on 5/25, rallied then retested their lows. (Potential double bottom perhaps?)

I posted in the comments section last post that we may be setting up for the last shoulder in an H&S pattern. If this is true, your upside target should be around 1150 in the S&P, 10700 in the DOW, and about 2350 in the NASDAQ based on the H&S pattern. If the double bottom holds up, the targets are all the same. Coincidence? Maybe. But its two different patterns giving the same result. Expect the markets to remain boring the next couple days, then climb higher next week. Use today's and tomorrows price hold-up to get yourself some nice long positions with a holding length of a 2-3 weeks.