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SPX hourly head and shoulder target hit

|Includes: SPDR S&P 500 Trust ETF (SPY)

Today, the market hit it's measured move target from  head and shoulders pattern formed last week. Taking the neckline around 1,330 and measuring the top of the head at 1,355 will give us a height of 25 points. From here, we measure 25 points lower from the breakdown level of the neckline at 1,330 and that will project a downside target of 1,305, approximately.

OK, so now what. What I wrote above shows that I can add and subtract, but how does that translate into profit. Well, this is where you can anticipate buying might come in. Given that the market has hit our downside H&S target, we have to be ready to jump into the market on a strong sign of buying pressure. That's what I will be looking for tomorrow. 

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