Heads (& Shoulders) Up! A Bearish Pattern Appears To Be Forming

#spx #spy #snp #s&p #stocks #headandshoulders

Trading Fam,

As we trade through this treacherous market, I check the big charts daily to understand if they are telling me anything new via volume, pattern, trends, etc. Today I’ve spotted what appears to be a rather ominous Head and Shoulders pattern forming on the SPY/SPX charts. If correct, we should see a continued rebound in stocks for at least this week and into next, until the top of that right shoulder is found. For this pattern to be confirmed, we would then need to see the price start to fall again down to that neckline. If that neckline were to break, I would expect further selling down to around $6000-6100.

I’ll be watching this closely and updating here.

✌️Stew