$SPY / $SPX Head and Shoulders Pattern (H&S)?
Updated
Looks to me that the 
SPY could be in the process of forming a H&S Pattern on the weekly chart. I’ve drawn in 2 necklines which can also be called Lines of Resistance. For now, I have an alert set at the more aggressive downtrend line. However, it would not really confirm the pattern until it is decisively above the more traditional Neckline.
I did another post regardingSPY and stated that it would make a good case for the bottom is in if we can get over and stay over 410. (Link below).
My posts are not meant to be trade recommendations. I may or may not take trades I post. If you use any of my ideas, please make them your own to fit with your trading plan(s).
SPY could be in the process of forming a H&S Pattern on the weekly chart. I’ve drawn in 2 necklines which can also be called Lines of Resistance. For now, I have an alert set at the more aggressive downtrend line. However, it would not really confirm the pattern until it is decisively above the more traditional Neckline.I did another post regarding
SPY and stated that it would make a good case for the bottom is in if we can get over and stay over 410. (Link below). My posts are not meant to be trade recommendations. I may or may not take trades I post. If you use any of my ideas, please make them your own to fit with your trading plan(s).
Note
This should read " Inverse H&S."
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
Related publications
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.