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S&P500 ETF (SPY) Making a Perfect Head and Shoulder Jun 28, 2015
Last month I posted a chart on SPY back on May 27th stating that the upside was rejected and we should be expecting downside actions. A month later, the same resistance line continue to work with 2 more factors weighting in:
1. False Breakout Against 1st quarter of 2015 confirmed by rejection of 1st quarter high from below over past 2 weeks. (Note: A combination of chart pattern with STOPD)
2. Potential Head and Shoulder on daily in the making
What to expect from this then?
What this means is that first quarter midpoint (highlight by orange zone) is in play with the potential to drop all the way back down to head and shoulder target (highlight by red zone).
Remember it is just a pullback in the context of a very strong rally that lasted years. It will take more serious damage to the chart to change the long term outlook.
To learn more about basic chart patterns, check out Art of Chart Reading Online.
To learn more about Special Theory of Price Discovery (STOPD), check out its product page.
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