Mind the Gap (and Yap)

Long-time 12631 member (with the memorable avatar) “gappingandyapping” noted the SPY ETF flirting with an intraday head and shoulders top earlier in the session.

Of course, it is crucial to know your timeframe. Here, we are looking at an intraday pattern. And the key point is that $179 is the battleground level right now, being the “neckline” of the pattern to confirm. The head and shoulders top from this morning is outlined in light blue (yes, the right shoulders can be higher than the left on in a valid pattern).

Some longs on my radar here is strength ensues: MSTR SLCA 

Short idea: LOW 

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