SPY head and shoulders on weekly close
We ended up breaking into the 460s but It looks like the juice is starting to run out for the bulls. They may drag this on for a while still but the weekly is showing the pattern fairly clean when you look at where we closed. I feel April will continue its bearish trend down to 420s and that is where I have my PUTs targeting for 4/29.
I am not adding much fluff to the chart because I feel like this looks clean enough just looking at the candles. The stems are longer towards the upside (which means a lot of buyers got burned) and the stems trend downward. We may push upward again but I don't see us breaking into 460, I see us maybe breaking into 453-454 (This would be the production of a stem similar to these last 2 weeks) But I do feel we will end the week around 440.
If the pattern becomes obvious the market could always capitulate early and we could drop to low 430s. I wouldn't mind it but bulls have been stubborn so I wouldn't get my hopes up.
This is just my artwork.
I am not adding much fluff to the chart because I feel like this looks clean enough just looking at the candles. The stems are longer towards the upside (which means a lot of buyers got burned) and the stems trend downward. We may push upward again but I don't see us breaking into 460, I see us maybe breaking into 453-454 (This would be the production of a stem similar to these last 2 weeks) But I do feel we will end the week around 440.
If the pattern becomes obvious the market could always capitulate early and we could drop to low 430s. I wouldn't mind it but bulls have been stubborn so I wouldn't get my hopes up.
This is just my artwork.
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