Financial Market Analysis
By Shawn R. Carpenter
Tuesday, December 16, 2008
ROST and URBN
2008_12_15_08.JPG)
While the market rallied today, there are some very interesting opportunities out there. Reverse Head and Shoulders pattern are abound. The SPX seems to be breaking through a short term resistance level and should head higher, yet will be capped by a Midterm (MT) resistance level.
¶ 8:05:00 PM 
2008_12_15_08.JPG)
While the market rallied today, there are some very interesting opportunities out there. Reverse Head and Shoulders pattern are abound. The SPX seems to be breaking through a short term resistance level and should head higher, yet will be capped by a Midterm (MT) resistance level.
Regarding the 2 charts above, URBN looks like it might have potential to rise above the descending wedge pattern, partially confirmed by bullish divergences on the RSI and MACD. Breakout of the upper resistance level of the recent bearish channel (20.69) would suggest prices might rise to 22.75 and 24.55.
On ROST, the recent break above the prior resistance level, set in place since early Sept. 2008, suggests that price might reach 31.50, followed by an area between 33.40 and 34.
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