Head and Shoulders Short

SPDR Select Sector Fund - TechnologyArca

Description

⋅ Apr 11, 2022 6:17 PM

Short entry with a break of the neckline and a confirmed downtrend.

Possible stop above the neckline for short entry.

No recommendation.

1st shoulder is 160.13. 2nd shoulder is 164.10. Head is 177.04.

Targets in larger orange type are targets 1. If price goes below this, the targets in smaller type are targets 2.

Chart Patterns

Comments

arama-nuggetrouble

⋅ Apr 11, 2022 10:17 PM

Thanks Laura!!! lets see if we get a break off the neckline. XLV (Healthcare) vs. XLK (Tech) is a very telling signal for Markets. What do you see on XLV?

lauralea

⋅ Apr 12, 2022 4:13 AM

@nuggetrouble, XLV looked like a head/shoulders was forming but failed and new was high made. Last leg up looks bearish in a W pattern. Appears it will fall at least under 135.5 but who knows

lauralea

⋅ Apr 12, 2022 4:35 AM

@nuggetrouble, i am watching Xlv closely and have an alert at 136 and plan to re-assess then, but think it will go lower