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During our research last evening, we noticed quite a few Head & Shoulders patterns in the market. In particular, the Dow Jones Industrial Average has formed a very distinct bullish Head and Shoulders. Notice the projected rally for the DJIA should it breakout above its neckline. The projected rally for a H&S pattern is the distance from the head to the neckline, projected above the neckline. The S&P 500 is also forming a distinct H&S, while the Nasdaq is not offering a similar setup. This is not surprising given the way the Nasdaq has lagged the broad market as of late.

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