Next up, I looked again at the S&P chart and identified an inverse head and shoulders, except this time it is a bigger formation that dates back to May, versus the recent post where I looked at a version that had come about over the past month and a half. My skepticism of technical analysis has grown, but it doesn't mean that it can't serve a purpose and provide a view into how some traders may be thinking about things. So, I leave it to the reader to make her own decision about its utility.
