ohh yeah mr fed friday night, page-36

SF, where have you got the neckline mate? For a H&S top, do you mean? On spx the neckline looks to be around 1370 ish. The rebound last night respected the 200ema daily but didn't test the 200 simple ma daily, which I think is more commonly used. It did however break back up through and close above the .38 retracement of the down move. So, in terms of a full recovery, spx last night moved up one step along the stairs. Next is the 200 daily ma, then the top of the Feb high, the old uptrend line, and the .5 fib. Taken together these form a pretty significant resistance zone from 1450 (the ema) to 1463 (the .5 fib). I reckon bears could put in sell orders just below each of those levels for a nice dip at least... excepting more mates rates jobbies by the fed.