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Taking a Look at the S&P's Small Head and Shoulders Pattern

"A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them." -- John Maxwell

NEW YORK (TheStreet) -- Great action today as we continue to consolidate in markets while some leading stocks really moved well like Tesla (TSLA - Get Report), (TWTR - Get Report), Twitter (PANW) and SunPower (SPWR) to name a few, none of which I am in at the moment.

To me it looks like we need a few more days still but there are some really great buys ready to go at any moment now.

I didn't buy anything today since a few more days rest looks to be in order and the best scenario.

Let's move right into the charts.

The SPDR S&P 500 ETF Trust (SPY) is holding the 193 support area so far but it does look to be setting up a small head and shoulders now with a rising right shoulder.

If this pattern plays out it would take us perfectly back to the 190 breakout level and fill a gap.

That would be a buy area and something we could see by weeks end. Of course I could be wrong but this is what the chart is telling me tonight.

Have a wonderful evening.

Warren

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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