Some technical analysts see a bullish pattern developing in the S&P 500 that has an upside target of about 1400 on the U.S. blue-chip index, or about 5% above Friday’s intraday high.

“An inverse head-and-shoulders is nearing completion on the S&P 500. The neckline of the pattern is today at 1337 and breaking above that would trigger the base. The bottom has a target to 1406, the region of the early May top. This pattern is simple but effective,” said Tarquin Coe at Investors Intelligence.

“However, a bull-trap breakout needs to be prepared for, so a couple of closes above the neckline are needed for added confidence. The same applies to breaking channel resistance which is at the same level,” he wrote in a newsletter Friday.

After the May sell-off, the S&P 500 found support at the 200-day simple moving average. [S&P 500 ETF Sees Largest Inflow Since 2008]

Since the early June bottom, the index has been forming the second half of an inverse head-and-shoulders pattern, said J.C. Parets at the All Star Charts blog.

“The left shoulder, head, and potential right shoulders are nice a symmetrical and this looks like the real deal. A breakout above this neckline and the price target would be about 1400. We arrive at this number by taking the distance from the bottom of the head to the neckline and add it to this potential breakout level,” he wrote in a post Friday.

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