Weekly Head & Shoulder Pattern SPY...DIA...QQQ

[Rickshaw Man]

Weekly SPY sporting a possible text book Head & Shoulder pattern. Volume supports every aspect of this pattern. Mainly the falling volume on the formation of the right shoulder. This is critical and a very important part of a classic H&S pattern. All we can do is wait. The only thing I can think of that would help this play out is lousy earnings.

And the pesky FOMC they could intervene and screw everything up.

 

[murray t turtle]

Weekly SPY sporting a possible text book Head & Shoulder pattern. Volume supports every aspect of this pattern. Mainly the falling volume on the formation of the right shoulder. This is critical and a very important part of a classic H&S pattern. All we can do is wait. The only thing I can think of that would help this play out is lousy earnings.

And the pesky FOMC they could intervene and screw everything up.


View attachment 198476

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True.And the 3 year +52 week chart is up;
ytd=up;
4 weeks =up. But close to close weekly; my charts show one of those weeks =down ; I'm expecting the typical late MAR sell off-not a prediction.

 

[FriskyCat]

Give a look to the 1987 analog (heck even the 99 analog following the Oct 98 bailout of LTCM). Eerily similar. Obviously 2 months ago, it looked like 07-08 until Powell did a spot on impression of Janet Yellen from 2016.

 

[fan27]

Weekly SPY sporting a possible text book Head & Shoulder pattern. Volume supports every aspect of this pattern. Mainly the falling volume on the formation of the right shoulder. This is critical and a very important part of a classic H&S pattern. All we can do is wait. The only thing I can think of that would help this play out is lousy earnings.

And the pesky FOMC they could intervene and screw everything up.


View attachment 198476

Looks more like a failed break out (to the downside) pattern.

 

[maxinger]

looks more like ranging to me.
price seems to range from about 2400 to 2900.
so where is market going?
- continue to range
- break up of range
- break below range

only crystal ball can tell where market is going.


In fact, over the past 15 years, during this ranging period,
day range is at the record high.

 

[Clubber Lang]

4 posts in this thread, 3 completely different views of the same chart.

1- Head and shoulders top
2- Failed downside breakout
3- Range bound market

Technical analysis in a nutshell.
Great for telling you what already happened.

 

[SimpleMeLike]

Looks more like a failed break out (to the downside) pattern.

I agree fan27,

It should be very clear the new trend of the SPY is upwards based on the obvious recent green bars.

It's best to keep things simple.

 

[SimpleMeLike]

4 posts in this thread, 3 completely different views of the same chart.

1- Head and shoulders top
2- Failed downside breakout
3- Range bound market

Technical analysis in a nutshell.
Great for telling you what already happened.

Yes I agree. No analysis never tells entry and stop loss or profit target .