30 Minute S+P 500 Chart Interpretation
Very Obvious Bearish Head And Shoulders Pattern Brewing.
>Head at SPX 4585 <
Right Shoulder,built this morning around "anticipated" PCE Inflation Number
and Left Shoulder are located at 4565 Level.
Neckline Support for the Pattern is at SPX 4540,
where the market is trading right now.
VIX has broken out above 13 resistance this morning,
adding to the potential bearishness.
The thing is... when these type of benchmark technical patterns,
like Head and Shoulders so obvious to the everyone,
sometimes the market takes that information and runs in the exact "opposite way"
than expected, in this case a potential bullish "Double Bottom " Setup"
at SPX 4540.
Downside Potential Neckline Price Break Target = SPX 4495-4500 !
Nov 30 1238 PM SPX Last 4541.28
THE_UNWIND
WOODS OF CONNECTICUT
Very Obvious Bearish Head And Shoulders Pattern Brewing.
>Head at SPX 4585 <
Right Shoulder,built this morning around "anticipated" PCE Inflation Number
and Left Shoulder are located at 4565 Level.
Neckline Support for the Pattern is at SPX 4540,
where the market is trading right now.
VIX has broken out above 13 resistance this morning,
adding to the potential bearishness.
The thing is... when these type of benchmark technical patterns,
like Head and Shoulders so obvious to the everyone,
sometimes the market takes that information and runs in the exact "opposite way"
than expected, in this case a potential bullish "Double Bottom " Setup"
at SPX 4540.
Downside Potential Neckline Price Break Target = SPX 4495-4500 !
Nov 30 1238 PM SPX Last 4541.28
THE_UNWIND
WOODS OF CONNECTICUT