Reverse Head and Shoulders with a weird neckline?

Its cool to use tech analysis to try and gauge the psychology of the markets right now, but we cant deny the importance of the macro environment. However that hasn't stopped the broad market from showing optimism and this is not just a bear trap, the lower low has been denied entry and we are in a reverse head and shoulders pattern on SPY and NDX. CPI is looking like falling off a cliff, look at used car, housing, and energy prices, they make up a lot of CPI. Still the FED is going to keep raising rates steadily into Q1 23. Cuts happen fast though and the market could be looking forward to that too much. JPM just published doom city saying 25% drawdown in the next 4 months, if so looking at that and historically, we have SPY 300 as the bottom respectively, that only happens if the elevator comes like in the 70s and the dot com crash. Until that happens though, SPY to 440 before I see any good positions for shorts. Crashes happen fast though who knows on a 6-12 month outlook, but were already down 25% NDX, historically crashes can hit 50% drawdown on NDX easy, but the snapback is always very quick within 1-2 months of the bottom, cant really time these things.

Anyway, I hope yall enjoy my drawings, and analysis for now.

Comment:

Anyway, after CPI decreasing slower than expectations, the market took a dump on Tuesday, and now it will be super sensitive to the rate hike of probably 75bps next week, which should not be a surprise and might even cause a rally for a week until something else happens in this incredibly macro environment. Keeping my bullish to sideways outlook for the next 6-12 months, no hedging puts at these prices yet. 389 SPX level did hold up through the volatility, im in a wait and see attitude at this moment, have a great weekend

Comment:

whoops wrong price stated here, but yeah its at the support level, just waiting to see if it holds or creates lower lows next few weeks.