Head & Shoulder On SPX Daily

We now have a H & S pattern complete on daily SPX . Price closing below neckline could prove to be a nice short trade down to at least 4373.21 area.
Traders choice if they want to see if neckline gets tested over next couple days or just jump in,in case price keeps going down. Risk tolerance and position size would dictate that.

It's a wait and see what happens at this moment....

Comment:

Good afternoon fellow traders and followers, as one can see we have broken through 4373.2 area and had a test of that area but bulls couldn't break back up through it. With that being the case we can't ignore a somewhat H&S structure on the weekly and the possibility that structure will play out.
Here are the numbers that will be on that side of this play ; 4325.8, 4266.4, 4201.5

In order for each price to be reached, the one before it needs to be tested for validation. Again VALIDATION! Market will have to validate to continue to participate in the selling.

I hope you traders are making nice profits :) Remember to not get your trades swayed by people's opinion. Let your charts do all the talking.

Comment:

Tik Tok goes the clock. Heads up my trader friends! You should now have some nice profits. Being a bear has paid you well. Now the time has run out and change is in the air. Market works on a schedule and you are only given so much time to make money on your position and the pendulum has to counter swing.

I suspect bulls will want to fill today's gap either through over night or tomorrow. 4327 area should get filled.

Don't get greedy as 4266.4 area has been reached. Some profits should enter the pockets.

Will 4201.5 area get reached? Depends on bears selling back down after gap or gaps get filled. That is a wait and see.

Cheers with profits until next post!