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hungry_hippo
Nov 19, 2020 6:26 PM

I SPY a bigger pennant 

AMEX:SPY60
SPDR S&P 500 ETF TRUSTArca

Description

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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

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There you go....

Comment

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Chart pattern looks bearish.... could drop out without finishing the formation f it gaps down Monday
Chart PatternsTechnical IndicatorsS&P 500 E-Mini FuturesSPX (S&P 500 Index)
Comments
Dr_Roboto
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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.
FibonacciDiPisa
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Agreed. I think up mostly because of option expiration tomorrow
Dr_Roboto
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@wayum999, great thought. Thanks.
hungry_hippo
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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.
FibonacciDiPisa
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teamwork makes the dreamwork, nice call my friend
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