FractalTrader

Hidden consolidation

AMEX:SPY   SPDR S&P 500 ETF
41 0 1
Those looking only at bar or candle charts probably won't notice this pattern. This looks like a symmetrical consolidation pattern, and time will tell if this scenario continues to play out, as I suspect it may. I noticed a similar pattern back in early Feb (linked below).
I continue to think there are too many bears out there, and the risk charts I've been posting still aren't convincing me that investors are rotating to safety.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt
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