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On the hourly chart of the SPY ETF above, you can see that the bulls are really trying to hold serve as we head towards the weekend. The 131 level looks to be a key area that would offer up the possibility of a bullish inverted head and shoulders pattern, should it hold. On the S&P 500, that level translates roughly into 1310. Underneath the surface, I am not seeing much aggression being shown from either side, as bulls and bears seem content to trade on very short timeframes.
Even the names that appear set up are in need of a shot of espresso or two to get going, which is exactly what I will drink after writing this post.
Top Ideas on Strength: $CIEN $WTW
If not for your posts, stock market would be so lonely for me. Keep it up, Chess.
BTW, any opinion on PMI? you were getting bullish on IYR yesterday and today’s AGO’s win over BAC may be a step in the right direction
Thanks…PMI Looks like a bullish reversal off of yesterday’s inverted hammer (bullish after downtrend). I think it should be good for at a least bounce with stop below ydays lows.
Is there a not a much larger inverted H&S pattern for SPY on the daily (1302 level on the $spx)? I see us at the beginning of a potential thrust up from there. Also, on the $spx there appears to be a nice reversal candle yesterday, no? (harder to see on SPY). Thoughts? Thanks very much.
yes quite possibly–needs some work though