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Good afternoon, traders.
The S&P 500, after breaking above the big head & shoulders pattern’s neckline, had a terrific selloff today that came back to test it from above harshly:
And if we zoom in some, we can see that the selling emerged as SPX was trying to make an attempt to close this open gap:
From here, our job is fairly straightforward:
I continue to play it a day a time for now, not trusting too much one way or another until we get scooting out this range we’ve been in for months.
I hope everyone has a fine evening and I look forward to rivers of bull tears tomorrow (I kid, I kid—sort of).
Parts of this article may be reserved for members. You may learn more about becoming a member on the Join page.
You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.