Well it looks like it broke out but today was a hanging man candle which is supposedly bearish, so it might go back down. QQQ on the other hand was just a normal bullish candle. Yesterday on QQQ was a hanging man and today it kept going up.
broke out of what ? SPY is still under 122 on the daily chart so right shoulder so the head and shoulders is still valid. We could even trade to 123 and still get the down move. A close above 123 would be considered a violation to me. Until that happens I remain very bearish here .
Maybe for value investing but not trading. I lost a lot of money shorting tech early back in late 99 based on p/e.
Hey Vol I have been watching the same pattern. The good thing about it is that a failed head and shoulders is usually very bullish as well. Either way let it come to you and then jump all over it. I am short with a half position right now and will double up if it breaks through the neckline. Good luck with it.