Is the Santa Claus rally over? SPY finished last week up 4.5% in 4 trading days!
We have tested this $472 level numerous times and failed on break outs. It looks like we have a left shoulder and not the head has formed (head and shoulders pattern).
Options flow - over 20,000 Jun 2022 $450 puts bought Dec 23rd. *Cheddar flow
Catalysts? I am not seeing any upcoming catalysts to push over 472 level. If we do break out, I would be looking at $485 level.