Tuesday evening on the "Trade Off" show I did with Chris Weston from Pepperstone, I discussed the setup in the SPDR® S&P 500 (NYSE:SPY).
After the close yesterday, Meta Platforms (NASDAQ:FB) missed earnings and the S&P sold off after hours. With the rejection of the 61.8% Fibonacci retracement at the 458 level, if today we end up lower, traders may see a long term head and shoulder pattern develop in the coming months.
The one clue that really stands out is the dropping volume of the strong 8% rally seen in the last few trading sessions.