AMEX:SPY
Spy is showing signs of diminishing bullish momentum via a few different indicators, divergences shown with a single green line. While a push north to 461 is possible we are pushing into a marked supply zone with a volume profile showing greater interest towards the 444 area.
The daily ema cloud is being tested and broken into. A continued move in this direction sees a break of our current neckline for the topping pattern known as a head and shoulders.. we see this over and over again in the market.
Using a few different technical targets here we reach roughly the same outcome... Head and shoulders target on the daily(if the neckline is broken) will take us back down to 2020 low. A bear flag on the daily would also see us down near that low, trade safe trade smart folks.. this is just what I see and not financial advice*
