Unlike previous times this week where we gapped higher and then went flat, the price action subsequent to this morning’s gap has been loose and sloppy. You can see below, on a 3-minute chart of the SPY, a short-term head and shoulders topping pattern, followed by a current attempt to go down and fill the opening gap. Again, this differs in nature from what we saw earlier this week, and likely indicates the market needs some time to catch its breath here. That said, the larger 30-minute chart remains favorable for bulls.
Know your timeframe and trade accordingly.
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