After a few painful sessions for shorts to begin the week, the bears regained the short-term initiative to finish out the week.
Returning to our 30-minute SPY chart from yesterday, you can see that the megaphone or broadening channel (purple lines) we discussed on this timeframe did indeed resolve sharply lower this morning
At the same time, the inverse head and shoulders bottom (light blue lines) over the past two weeks has not yet been negated. Thus, we are in a pain-all-around scenario until the competing forces resolve one way or the other.
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