UnknownUnicorn30271326

SPY - Head & Shoulders Forming

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
Price is forming a head an shoulders on 15M charts signifying the reversal of a short-lived uptrend. There is also a bearish crossover on MACD. Look to enter short on the break of support at 430. PT#1 is $421 where strong demand has previously come in to play and PT#2 is $402. Stoploss is right above entry, i.e. around $431. Rate hike signals at FOMC tomorrow could further push price down.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.