SPY inverse Head and Shoulders, higher lows
US markets covered morning losses and closed well on highs. Tech sector and small cap companies continue to diverge from S&P500 and major cap Dow Jones. It makes some traders nervous, and some say it's time for caution but we will measure price action with levels and wil continue to follow our process and rules.
Market has switching gears every day, so we should adapt quickly. Don't trade opinion, trade price action.
SPY built series of hiher lows, one at $181.51, then another one at $184.96 and yeasterday's low at $186.01. You have this upper range that looks like Inverse Head and Shoulders pattern.
Now in order to break out, the SPY need to get above and stay above $188.50-$189
Market has switching gears every day, so we should adapt quickly. Don't trade opinion, trade price action.
SPY built series of hiher lows, one at $181.51, then another one at $184.96 and yeasterday's low at $186.01. You have this upper range that looks like Inverse Head and Shoulders pattern.
Now in order to break out, the SPY need to get above and stay above $188.50-$189
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