Will this H&S on the SPY play out?
Traders,
In yesterday's post, I hinted at the fact that it looks as though SPY's upward trend, irrational as it may seem, will continue, fulfilling my blow-off top thesis. I still believe this to be true. However, along the way up, there will be obvious pullbacks.
We now have what looks to be a completed H&S pattern formed on SPY. Currently, we are testing this neckline support. Need confirmation to know whether it will be a break or not. Tomorrow we should find out. Till then, I am watching this along with the DXY (dollar) closely.
https://www.tradingview.com/x/MsOkgABS/
If the dollar breaks its overhear resistance, we'll also have our answer here. This head and shoulders pattern on the SPY should then continue to play out. Watch both of these indicators closely to find more clues on further price direction in U.S. stocks and crypto.
Until the next update, best on all of your trades!
Stew
In yesterday's post, I hinted at the fact that it looks as though SPY's upward trend, irrational as it may seem, will continue, fulfilling my blow-off top thesis. I still believe this to be true. However, along the way up, there will be obvious pullbacks.
We now have what looks to be a completed H&S pattern formed on SPY. Currently, we are testing this neckline support. Need confirmation to know whether it will be a break or not. Tomorrow we should find out. Till then, I am watching this along with the DXY (dollar) closely.
https://www.tradingview.com/x/MsOkgABS/
If the dollar breaks its overhear resistance, we'll also have our answer here. This head and shoulders pattern on the SPY should then continue to play out. Watch both of these indicators closely to find more clues on further price direction in U.S. stocks and crypto.
Until the next update, best on all of your trades!
Stew
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
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