jmboyer1
Short

SPY H&S Forming?

AMEX:SPY   SPDR S&P 500
65 0 0
19MAR14: Could today (w/future down a bit) finally be the downward impetus towards a neckline? Does look like we have a well defined left shoulder and head...thus far. While obviously NOT a confirmed H&S pattern yet (wouldn't be confirmed until breaking below the neckline after a right shoulder), it does look to be setting up in a H&S pattern....time will tell.
NOTE (20MAR14): Had some breakouts today/recently, but still don't doubt market looks tired, many stocks crumbling or moving up on anemic volume ....day of reckoning approaching very, very soon...maybe some geopolitical event for impetus down to the hypothesized neckline? Judging by chart, should be very soon---i.e. w/i days.
NOTE (30MAR14): SPY             looks to have put in a well defined Left Shoulder and now top of Head....waiting to see if/when it moves down to the 173.71ish area to form a neckline. Again, while this LOOKS to be a H&S pattern in the making, nothing will be confirmed until we hit the neckline, form a right shoulder and then break down through the neckline, as markets can change on a dime...must remain humble and open to any possibility.
NOTE (6MAY14): Compared to the Russell2000 and NAZ             , S&P500             (like the DJIA             ) has held up very well...but, can't get above 189 and when there, faces renewed selling. If forming a H&S top, SPY             still looks to be in the head formation phase...would expect more downside here very shortly, as Russell 2000 just broke 200DMA as well.
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