Chartists: is the S&P going to break out of this wedge? (chart)

Is the S&P500 going to break out of this wedge to the upside?

  • No, it just bounced off the trendline today. It's gonna go down

    Votes: 18 37.5%

  • Yes, it's gonna break through that and go up!

    Votes: 20 41.7%

  • i dunno lol

    Votes: 10 20.8%
  • Total voters
    48
Quote from volente_00:

maybe someone can clean up and resize it
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sure

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Well it looks like it broke out but today was a hanging man candle which is supposedly bearish, so it might go back down.

QQQ on the other hand was just a normal bullish candle. Yesterday on QQQ was a hanging man and today it kept going up.
 
Quote from 1a2b3cppp:

Well it looks like it broke out but today was a hanging man candle which is supposedly bearish, so it might go back down.

QQQ on the other hand was just a normal bullish candle. Yesterday on QQQ was a hanging man and today it kept going up.
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broke out of what ?

SPY is still under 122 on the daily chart so right shoulder so the head and shoulders is still valid. We could even trade to 123 and still get the down move. A close above 123 would be considered a violation to me. Until that happens I remain very bearish here .
 
Quote from Ethanoid:

Market has no relationship with economics in the LT. P/e works.
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Maybe for value investing but not trading.


I lost a lot of money shorting tech early back in late 99 based on p/e.
 
Quote from volente_00:

Anyone care to update this chart with that beautiful bearish pattern ?
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Hey Vol

I have been watching the same pattern. The good thing about it is that a failed head and shoulders is usually very bullish as well. Either way let it come to you and then jump all over it. I am short with a half position right now and will double up if it breaks through the neckline.

Good luck with it.
 
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