Bearish SPY Head 'n' Shoulders Forming
This head and shoulders pattern is almost text book so far in its present development. Volume is up on the advance of the left shoulder and lower on the advance of the head. We're missing that extra warning of the increase in volume on the decline of the head. There is, however, very weak rise in volume on the decline of the right shoulder. Combined with weakening breadth I'm fully taking it as a bearish turn.
We still have to see that neckline support break convincingly with a nice rise in volume for the pattern to complete.
The "rough guide" price target is ~195.
Let's see what happens.
We still have to see that neckline support break convincingly with a nice rise in volume for the pattern to complete.
The "rough guide" price target is ~195.
Let's see what happens.
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