%% Put another way SQQQ [bear profits ETF] has closed aboVe 200day moving aveage; not long or short that one/jerked some daytrade profits from it . WANTED to buy some UDOW, but too faaaaaaaaaaaaaaaaaaar below 200 dma
Inflation would have to be brought under control along with lower oil prices. Biden could license more energy production and cancel the federal gas tax. He better do something, credit card use spiked up.
I'd prefer to call it as sideway movement swing up & down & up and down pattern ranging ie call it anything other than the head shoulder neck thing.
I think today marked a bottom on that right shoulder. Look for strong volume in the up formation. Maybe tech earnings will be the source for that. Netflix starts after the close. I expect the overnight rally in index futures tonight.
The DJIA seems to be setting up nicely. Broke the neckline with strong volume. The measured moves are quite large in all three of these major indexes. It may take months to play out but it's worth the risk.
there is no shoulder, no head, no neck, no windpipe ... it is moving sideway & in a rather disorderly manner.
Always be on the lookout for a small H&S pattern that has already setup within a big H&S pattern that's trying to setup. It showed up on your Emini YM futures chart especially when the big H&S pattern pulls back after a breakout. Tricky price action to trade when smaller patterns show up in the opposite direction within a bigger pattern. wrbtrader