FinCodeToad

Potential Head and Shoulders and Hidden Bearish Divergence

Short
BATS:SPY   SPDR S&P 500 ETF TRUST
There is the possibility of a potential head and shoulders forming on $SPY. It does look like there is hidden bearish divergence on the RSI forming on the hourly indicating more selling. Additionally stochastic momentum index is flashing sell. I would wait for the RSI to cross SMA for confirmation, but then I am looking to swing short.

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.