Note of my overall sentiment of the market. It's going down.
All the chop over the last year has made a (ugly ass) triple top. $SPY is just a few ticks away from reaching the neckline @ $415ish. I think one of two things will happen.
1. It will bounce maybe to the $420s to $430 and retrace back to the neckline then ultimately break the neckline
2. It will close with a full daily candle under the neckline before the week is up and head towards the price targets in green then the gap from 403.80 to 400 (blue lines) made back in April 2021.
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Not financial advice
All the chop over the last year has made a (ugly ass) triple top. $SPY is just a few ticks away from reaching the neckline @ $415ish. I think one of two things will happen.
1. It will bounce maybe to the $420s to $430 and retrace back to the neckline then ultimately break the neckline
2. It will close with a full daily candle under the neckline before the week is up and head towards the price targets in green then the gap from 403.80 to 400 (blue lines) made back in April 2021.
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Not financial advice
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I titled this "triple top" and not "Head and shoulders"*
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In regards to the idea itself.
The most recent daily candle closed below the neckline. I expect an initial steep drop next week OR a bounce back up to $415/416ish to retest new resistance levels then another drop down below closer to 403. Then heading to fill that gap (indicated with the blue lines)
For me to be fully confident in the trade I want a daily candle close below $410 i.e, where we are now.
The most recent daily candle closed below the neckline. I expect an initial steep drop next week OR a bounce back up to $415/416ish to retest new resistance levels then another drop down below closer to 403. Then heading to fill that gap (indicated with the blue lines)
For me to be fully confident in the trade I want a daily candle close below $410 i.e, where we are now.