Probably not. At least that is what the volume pattern is telling us so far.
Textbook H&S reversal patterns imply that selling volume increase as the pattern goes on, signaling an air of growing nervousness among investors in the market. These nervous investors then fuel a strong move lower.
The lack of nervousness shown in the SPY chart here makes me wonder if we are in rebound territory, and that, eventually, we will see new highs. Possibly by the end of the year.
Textbook H&S reversal patterns imply that selling volume increase as the pattern goes on, signaling an air of growing nervousness among investors in the market. These nervous investors then fuel a strong move lower.
The lack of nervousness shown in the SPY chart here makes me wonder if we are in rebound territory, and that, eventually, we will see new highs. Possibly by the end of the year.
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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.