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On the 30-minute chart of the SPY below, you can see that since Tuesday’s opening higher gap we have essentially been consolidating ever since. Tuesday’s highs have acted as tough resistance for the duration of this week. However, we could be working through the final stage of a bullish inverse head and shoulders continuation pattern, which I have highlighted for you.
The next week or two, especially after the MLK, Jr. holiday a week from this coming Monday, should give us great insight as to where we are going from here. For now, on a shorter-term timeframe I am watching to see how this pattern plays out for a tell on market direction.
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excellent use of the word “consodiatuong”
LoL! That was for the baby demographic of my readership
The kids these days…
Mini money manager!
Market getting yanked and cranked and range-bound.
not enough pain was cause as I see it and we need to drop under this range to get some bears and hurt the bulls maybe after such a move we’ll see 1300 top
Kickin’ through it – LIKE A BOSS!