The S&P busted through the resistance level at 1131 and in the process completed the inverse head and shoulder pattern. While conventional measuring techniques provide a price objective of 1250, it is another topic if the S&P can take out the April high of 1220 and would go all the way to reach this price objective. I will try to do a post on this later after some more research.
In my Sept 2nd post, I did alert to the inverse head and shoulder breakout as one of the possible scenario and we also took note of several false breakouts in the same post. Given that all through July-September the S&P has been rallying on low volume, we should be watchful if the market repeats this choppiness one more time. I'm not saying it will but a good trader is one who is prepared for all scenarios.