Bullish Pattern Resolution

The bullish reverse head and shoulders pattern forming recently in the equity indexes has indeed resolved to the upside.

The action hasn't been voracious out of the set up, but the tape has a persistent 'buy the dip' tone. Now that SPX 1280 has been cleared, this move technically 'works' to 1360.

I remain slightly net long (long commodity ETFs against short equity index). Should commodities continue to lift with stocks, I'll look to piece out of long exposure and add to my index short.

position in commodities, SPX