Spy has started a long-term head and shoulders pattern that has been based upon interest rates. in 2020-2022 interest rates were super low which caused the market to move higher. Then interest rates started to rise to fight inflation which created the head and shoulders pattern.
Then the market fell as panic erupted and the head and shoulders pattern couldn't finish as the market had to get rid of the initial panic and get greedy again for profit as it recovered. Now we are at the final testing point and will see if this was a pattern or not
Then the market fell as panic erupted and the head and shoulders pattern couldn't finish as the market had to get rid of the initial panic and get greedy again for profit as it recovered. Now we are at the final testing point and will see if this was a pattern or not
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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.