SPY bearish scenario over the next two days

Short

SPDR S&P 500 ETF TRUST (AMEX:SPY)

Updated

AMEX:SPY SPDR S&P 500 ETF TRUST

We may be in a head and shoulders pattern. There is tapering in the algorithmic pattern that indicates we could see a retracement into the upcoming Fed Powell speech on Thursday.

Comment:

We are still in this orange pattern. In order for the head and shoulders to fail, we need to close above 437 at the end of the day. Probably more like 437.50.

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