Update to the H &S pattern
Update: the POMO is strong with this one...This is the area that will make or break the SPY. We either just completed B or we're still in A and can march higher. UTILs and JCC are the ones to watch. They'll dictate market direction moving forward.
If Utilities continue their downward trend and the VIX continues the march higher, I believe this pattern will play out.
I'm bullish long term (Don't fight the FED!) but a pullback is needed to absorb the last move. The SPY has lived above the 2nd deviation BB for over 6.50 points.(doesn't last more than 10pts, avg is around 7). A pull back to the mean is expected at a minimum and we usually see the lower BBs. The BB indicator coincides with this charts pattern indicating a move to the $170 level before we march higher to finish the year.
This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
If Utilities continue their downward trend and the VIX continues the march higher, I believe this pattern will play out.
I'm bullish long term (Don't fight the FED!) but a pullback is needed to absorb the last move. The SPY has lived above the 2nd deviation BB for over 6.50 points.(doesn't last more than 10pts, avg is around 7). A pull back to the mean is expected at a minimum and we usually see the lower BBs. The BB indicator coincides with this charts pattern indicating a move to the $170 level before we march higher to finish the year.
This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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