S&P500 SPX Head and Shoulders

Updated

The US indices just kept on going up and up the past 2 months, like there was not stopping it. Each moment of weakness (were some bear traps on lower time frames past months), simply got pushed back up which eventually led to a continuation of the rally. Now for the first time, we dropped out of that channel and even did a successful retest. To prevent another bear trap, that thick support line needs to break tomorrow. We really need to see a good drop tomorrow, nothing slow, no hesitation, no sloping on that thick trend line. That H&S target needs to get reached in like 2 days. Need to see some real profit taking this time, otherwise i am afraid it will simply move up again, postponing a drop once again.

My long term view on the stock market, is a big bear market.

Previous analysis:

US Stock markets rally coming to an end?

Note

Finally some real weakness now, dropping as i asked for, with some speed. But, we should not act surprised though if the bulls pull something off. Normally, this should become at least a bigger correction. Think we should see 2700/20 even this or next week.

Note

Target reached, so far no bounce so good chance we might drop some more before making a move up again. That green support around 2680/2700 might be a a target that could get reached and to take more profits (for the ones who keep some running)

botje11

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.