Inverse head and shoulders pattern developing

Yesterday’s rally in the $SPY confirms our hypothesis that the overall market looks like an inverse head and shoulders with the neckline at 440. The measured move if confirmed would take us above the all time high. We are cautiously bullish for the end of the year as seasonality is in our favor. Major headwinds such as inflation, treasury yields, chip and labour shortages will continue to play a role, but seem to have been priced in for now.