hungry_hippo

I SPY a bigger pennant

AMEX:SPY   SPDR S&P 500 ETF TRUST
Could be forming a huge pennant here. Note MFI is oversold on the hourly, that usually means up....

ES1! ( SPX futures ) MFI is also oversold, see my ES1! chart.
Comment: There you go....
Comment: Chart pattern looks bearish.... could drop out without finishing the formation f it gaps down Monday

Comments

OR is it a bearish ascending triangle pattern (reversal)? Ignore the single day of 11/9 (vaccine FOMO/short squeeze). That is my view of it.



Thanks for the chart. Keep up the good work.
+1 Reply
Agreed. I think up mostly because of option expiration tomorrow
+1 Reply
Dr_Roboto wayum999
@wayum999, great thought. Thanks.
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@wayum999, options expiration causes the market to go the reverse direction as it has in the month.

Up this month, so down today. Plus profit taking before the holidays.
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teamwork makes the dreamwork, nice call my friend
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