The 5-minute chart of the SPY indicates that the tightening price range since this morning is likely nearing resolution. To be as a objective as I can, the bears are looking at this as a simply bear flag about to breakdown, while bulls are wanting a higher low for a double bottom. One thing I am confident of is that I expect it to be a good sized move intraday when we do see resolution.
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Backtesting the neckline…
That is one juicy hammer/dragonfly forming today… Reached within spitting distance from the 11/9/10 high….
me hopes that was our mini capitulation..
Last one I can see with a tail this long was back in Feb ’10
nice call chess, any longer term view?
With confirmation tomorrow I would expect a sharp snapback. Not in the bear camp yet.