A Battle for Pebbles

Recall last Friday before the long holiday weekend we observed the intraday changing of what seemed like a “clean” 30-minute bear flag on the S&P 500. Chart patterns can and often do morph into larger, sloppier patterns, which means there is no room for ego or dogmas.

Currently, the S&P 30-minute chart shows a larger neutral pennant still in play. And as you can see by the white lines I’ve drawn we could be in for some tedious action in a rangebound tape for a while.

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