The 30-minute timeframe of the SPY still shows the competing forces of last week’s head and shoulders top versus the recently triggered inverse head and shoulders bottom. There are many interesting developments happening underneath the surface, which I will cover after the bell in my video recap.
For now, note that price is raising up to the head and shoulders top area. If bears cannot adequately reject price away back lower both here and in the Russell 2000, it sure seems like they will have lost out on their opportunity. Bulls are likely looking for benign sideways action into week’s end on the indices with rotations developing underneath.
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