SPY Head and Shoulders
Left chart is regular hours, right chart is extended hours.
-Broke daily support yesterday and retested but didn't break back above the daily resistance trendline.
-High volume sell-off at closing today, almost back to the VWAP level.
-Stochastic RSI and RSI are overbought on the 15 minutes
Bottom line : Lots of bearish indicators. If the head and shoulders neckline doesn't hold, we're retesting 247.
-Broke daily support yesterday and retested but didn't break back above the daily resistance trendline.
-High volume sell-off at closing today, almost back to the VWAP level.
-Stochastic RSI and RSI are overbought on the 15 minutes
Bottom line : Lots of bearish indicators. If the head and shoulders neckline doesn't hold, we're retesting 247.
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