By Gareth Soloway on June 28th, 2010 11:43am Eastern Time
The markets and the SPDR S&P 500 ETF (NYSE:SPY) have an inverse head and shoulder possible breakout coming. Should the markets break to the upside above the inverse head and shoulder neckline, this market should head to $109.50 on the SPY. Note the chart below. The markets are hovering slightly higher on this extremely light volume Monday. This week the markets are awaiting the Non Farm Payrolls and Unemployment Rate on Friday. In addition, this coming week is the July 4th holiday. That will make for a very light volume week. Light volume usually is a positive for the markets and it appears we are seeing that today. The SPDR Gold Trust (ETF) (NYSE:GLD) hit a new all time high of $123.56 before pulling back and turning negative. Oil is hovering just slightly negative on the day. The United States Oil Fund LP (ETF) (NYSE:USO) down 1%.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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