Head and Shoulder bullish momentum
Updated
2021 has been an easy year compared to the past 3. Max drawdown from high has been only about 5%.
SPY hasn't touched the 200DMA all year.
Momentum from the head and shoulders pattern may slow with RSI approaching overbought levels, but if SPY trades sideways from here the reappearance of near parallel moving averages could nudge SPY higher to the end of the year.
Cautiously bullish right now.
SPY hasn't touched the 200DMA all year.
Momentum from the head and shoulders pattern may slow with RSI approaching overbought levels, but if SPY trades sideways from here the reappearance of near parallel moving averages could nudge SPY higher to the end of the year.
Cautiously bullish right now.
Comment
Breaking above the 20DMA and 50DMA also favors bullishness.
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