Potential head and shoulders on the $SPY. Likely to retrace to 72/89 EMA cloud (red cloud) for a test.
Overall... something is brewing right now and it doesn't look great.
Overall... something is brewing right now and it doesn't look great.
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Still potentially valid here. Volume this week is still low fairly low and we are still below that 50 VWAP. We might even see one last rally next week before a potential flush down. I'm staying open-minded here... no conviction on the direction just yet.
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Still moving nicely on this one. Likely going to retest that 72/89 EMA that is coming up.
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Now testing the 72/89 EMA cloud. This is the real test here. If it fails to hold, we will likely see downside targets of $390 with an extreme of $369.