Weekly SPY sporting a possible text book Head & Shoulder pattern. Volume supports every aspect of this pattern. Mainly the falling volume on the formation of the right shoulder. This is critical and a very important part of a classic H&S pattern. All we can do is wait. The only thing I can think of that would help this play out is lousy earnings. And the pesky FOMC they could intervene and screw everything up.
%% True.And the 3 year +52 week chart is up; ytd=up; 4 weeks =up. But close to close weekly; my charts show one of those weeks =down ; I'm expecting the typical late MAR sell off-not a prediction.
Give a look to the 1987 analog (heck even the 99 analog following the Oct 98 bailout of LTCM). Eerily similar. Obviously 2 months ago, it looked like 07-08 until Powell did a spot on impression of Janet Yellen from 2016.
looks more like ranging to me. price seems to range from about 2400 to 2900. so where is market going? - continue to range - break up of range - break below range only crystal ball can tell where market is going. In fact, over the past 15 years, during this ranging period, day range is at the record high.
4 posts in this thread, 3 completely different views of the same chart. 1- Head and shoulders top 2- Failed downside breakout 3- Range bound market Technical analysis in a nutshell. Great for telling you what already happened.
I agree fan27, It should be very clear the new trend of the SPY is upwards based on the obvious recent green bars. It's best to keep things simple.