There’s no real conviction on either side of the trade today as we get a glimpse of some prime summer grind action. The infamous “bearish” head & shoulders patterns still lingers around on the daily chart, and the bulls have yet to re-gain the 50 day moving average. Here’s a current look:
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The $IBB, biotech index leads on the day along with basic material stocks. Solar is strong as is semiconductor names. Nothing really points to the downside here, but nothing really get me excited as well.
Memorial day weekend is upon us and I expect most traders to be away later in the week, myself being one of them.
Here’s a look at some movers on the day: CLICK HERE FOR CHARTS
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It’s scary just how textbook-like and widely watched this H&S formation is….
Makes me wonder if how we could go lower if everyone already sees it coming
**Makes me wonder how we could go lower if everyone already sees it coming
exactly, seems it will do the opposite once again, or will it?
https://www.youtube.com/watch?v=cphNpqKpKc4