![\"S&P](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-09-24-spx.png?w=525&ssl=1\" "\\"S&P")
<\/p>\nThe S&P 500 is retracing for a test of short-term support at 2150. Respect of the rising trendline would signal a test of 2200. Breakout above 2200 would complete an inverted scallop (or fish hook) with a target of 2400*. Declining Twiggs Money Flow, however, warns of selling pressure. Breach of 2050 would test medium-term support at 2100.<\/p>\n
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* Target calculation: 2100 + ( 2100 – 1800 ) = 2400<\/p>\n
The Dow Jones Industrial Average also displays a potential inverted scallop on the weekly chart. Follow-through above 18600 would confirm but bearish divergence on Twiggs Money Flow again warns of selling pressure. Tall shadows on the last two candles also suggest short-term selling pressure. Breach of support at 18000 would warn of a test of primary support at 17000.<\/p>\n
![\"Dow](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-09-24-dow.png?w=525&ssl=1\" "\\"Dow")
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* Target medium-term: 18500 + ( 18500 – 18000 ) = 19000<\/p>\n","protected":false},"excerpt":{"rendered":"
The S&P 500 is retracing for a test of short-term support at 2150. Respect of the rising trendline would signal a test of 2200. Breakout above 2200 would complete an inverted scallop (or fish hook) with a target of 2400*. Declining Twiggs Money Flow, however, warns of selling pressure. Breach of 2050 would test medium-term … <\/p>\n