Stocks are on a roll this year and a chart pattern in the S&P 500 could signal further gains for Wall Street.
div > div.group > p:first-child"> The S&P 500 formed an"inverse head-and-shoulders" pattern over the past three weeks as it broke above key levels and inched closer to its record high from Sept. 21. An inverse head and shoulders pattern is used by chart analysts as a sign that a stock or an index could rise further after forming a bottom.
"This has been building since the comeback started," said Frank Cappelleri, executive director at Instinet."We didn't know how fierce it was going to be and the extent of it. But needless to say 2,800 is on a lot of screens for numerous reasons. It's acted as a resistance level at times and support as well."
He also said this pattern is pattern"is not just specific to the S&P 500. It's seen in a lot of different places. Some areas are leading; some are lagging, but in general the shape that has developed over the past six months." Stocks are not completely out of the woods yet, however. The utilities and real estate sectors — which are often referred to as bond proxies for their low volatility compared to other parts of the market — are the best performers over the past six months.
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