Trend Watch: A different kind of Head and Shoulders forming on $SPY?
Good weekend to all. This week was a diffcult trading week where a probable down signal went awfully wrong. I would expect many shortist got hammered pretty badly for this.
A head and shoulders top looks to be observed on the SPY and EEM charts however, end of the week surge seem to destroy that pattern all together, thus providing that it is a pattern only if it is completed, otherwise it do not mean alot.
However, if we exptrapolate on the weekly charts there seem to be a big bottom forming ala the reverse head and shoulders. this formation is typically bullish.
The purple line near $94 looked awfully important right now with so many intermediate tops there. let us observe whether it is able to breach it next 2 weeks. if so we might have a tradable rally coming our way.
Related posts:
- Trend Watch:STI looks very topish with a head and shoulders pattern
- S&P 500 trend intact. But watch out for trend changes
- Trend Watch:Cup and Handle on $EEM?
- Trend Watch:Weekly Outlook not looking too good $USO $SPY
- Trend Watch:The market direction from here on out $spy,$ews
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[...] like the $SPY post a little earlier, we seem to be at an important juncture next week. While it seems a potential reverse head and [...]