S&P500 Index - Head and Shoulder formed
- After today's drop to the neckline, a Head and Shoulder formation had formed.
- Short term trend is reversed as the index is unable to achieve a Higher High and broke down below the uptrend.
- If the index break down below the neckline, we should see the index heading towards 2900 (measurement based on the H's height)
- Be prepared to short it but wait for confirmation before entering a short position.
- Short term trend is reversed as the index is unable to achieve a Higher High and broke down below the uptrend.
- If the index break down below the neckline, we should see the index heading towards 2900 (measurement based on the H's height)
- Be prepared to short it but wait for confirmation before entering a short position.
Trade active
Index did not close below the neckline (2960.8) while we see some strength back on S&P, strength confirmation is when it manage to break and stay above 2985Have some patience, trading opportunity will eventually come.
Trade closed: target reached
On 1st Oct where SP index had broke the neckline and confirm the H&S pattern, short entry at 2941 and close at 2880, excedeed both our Target price
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.