Potential H&S formation on QQQ weekly if QQQ finishes the week below 168.31. If QQQ finishes above 168.31 the pattern is null.
Neckline is 143.46 (orange line). Neckline break to 124.79.
Comments are welcome
SPY has successfully ended first month of 2019 breaking above daily downtrend (45 degree line). Despite ,seemingly bullish sentiment SPY will still have to make through 100 MA (blue line), 200 MA (red line) and finally though the resistance level of 280 to reestablish last year uptrend. Can SPY make it. Probably but not without a major retest.
Despite all the upside since Dec 24 lows SPY might be forming an H&S formation on monthly chart. Here are my observation as to why this migh be the case
Left Shoulder: January 2018 high formed a left shoulder. January peak failed and stopped right at the SPY uptrend (in this case illustrated by 5 EMA.
Head: After the Left shoulder formation market formed new...
An update to my previous post. Possible H&S formation on S&P 500 Monthly Chart. My observations why this could be an H&S Formation
Left Shoulder: Upward move to the upside on lower volume. Reaching the peak and breaking down on high volume, stopping at the upward trend line (in this case 10 EMA)
Head: From the low point of the left shoulder it can be observed...