AMEX:SPY An update on a previous post, but it appears the HnS pattern is still in play. The rising wedge break that a majority of traders were carefully watching, fell below the 50% fib of 263.85 on the daily chart, and has initiated the retracement to the neckline (≈247). Some big support at the 259 area, so expecting a battle there. Then next major support will...
The current market theme seems to be Head and Shoulder patterns, so only makes sense that there is a possible left shoulder and head formation in the works. The week of 1/14 has quite a bit of earnings reports coming out. So negative reports could potentially cause a dip in the market, thus creating the right shoulder. Neckline is in the 250 area, and the head...