SPY inverse h&s within greater pattern
Specifically looking at yellow here, although purple, larger pattern in the making may play out as well with a large rally into the end of the year.
With media barking about how September is such a poor month for stocks + a lot now baked in post-Jackson hole meeting, I could see a large rally begin soon into SPY 420ish (5.82% move roughly). Potential of a higher move if it were to bust out of supply levels.
Looking for an easing up of selling pressure at these levels in the short term. Note the VIX in recent days has been net flat/red with a declining market.
With media barking about how September is such a poor month for stocks + a lot now baked in post-Jackson hole meeting, I could see a large rally begin soon into SPY 420ish (5.82% move roughly). Potential of a higher move if it were to bust out of supply levels.
Looking for an easing up of selling pressure at these levels in the short term. Note the VIX in recent days has been net flat/red with a declining market.
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