Yes Ananda
Did you notice the same inverted H&S on the NZX50 plus most of the other major indexes on my latest Goldilocks and the 3 bears thread post. Notice how those formations are at a later stage than the S&P500 and some are so advanced as to nearing completion..All good news for the S&P500 as this confirms the beginning of this latest rally is probably ongoing for a little while yet.
A forecast as to a possible direction is to look at the 2 most advanced indices, the FTSE 100 and NZX50 that have the same similar simple H&S formation and compare those 2 with the S&P (Shanghai the leading index has a atypical H&S formation and hard to recognise, it is very tilted).
For the S&P500 to break back from a bull trend into the resumption of the Bull market cycle the FTSE and NZX50 will get there first before the S&P500.....so the figures to watch are the breaking of primary resistance levels.
FTSE .......5840
NZX50......3340 / 3350
Notice how the NZX50 reacted to the Europe/USA huge 1.5% - 2.5% rally...the NZX50 has hit a resistance level 3240 which it has been struggling to crack for the last fortnight..hence a small rise of only 0.5% today after hitting that 3240 at opening and respecting.
FTSE related resistance level is the 5640 which it has failed to crack last night...it too has has been try to crack this level for 2 weeks now as well
The SP500 related resistance level to that of the FTSE/NZX50 seems to be the 1175 level, if it is the SP500 could hang around this level for a week or so as well, trying to crack it.
If the NZX50 / FTSE100 fail to crack their related resistance levels and downtrends then there's an excellent chance the S&P500 will fail as well about 3 weeks later.
Formation hypothesis has it... they shouldn't fail, and continue to uptrend to meet their respective H&S formation target prices ( Those high points experienced last April)