SPX update, possible head and shoulders
Updated
Clear oversold bounce the past couple days. Market is still very volatile, unhealthy movements in either direction. But now we are entering in a strong resistance zone. The 4500 range will be crucial to decide the market for the next few months. It will be a waiting game; personally I am bearish as rotation of sectors is common and now that growth has died back to pre-covid levels, the same can be said with value stocks soon.
Note
Double top on that right shoulder, cant say for sure if that is the final breakdown. Still, possible to see 4300 range next week.
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