NickelOak

SPY - Eventual break to the downside?

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST

-There's a non-textbook-looking head and shoulders possibly forming.
-There's hidden bearish divergence showing up, which signals a potential continuation of the current downtrend.
-Overall, price is still inside the main ascending channel that has been in place on my chart since the COVID pullback.
-I'm bearish, and I've showed a measured move to the downside if the H&S completes and price falls out of the upward channel we're currently in.

Have fun and be safe.
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.