Futures are higher this morning as I'm typing this ! The right shoulder formation (S2) of the head and shoulders top I've been harping about (Here!) will be in jeopardy if we manage to close the day above SPY 108.15 ! If we close above it I would urge you to turn to the IYT (Transportation ETF) for a clue to see whether or not it recaptures the old red support line (S) at $71.25. I had anticipated a bounce in IYT last week (Click Here!) and will be very curious and impressed to see IYT above $71.25 (yellow line) ! IYT above $71.25 will be very very UGLY for the Bears ! I'll keep you uptaded early in the trading day ! Here is the updated chart of IYT : ENJOY !
