Investing.com - Financial Markets Worldwide

SPY Eyes Monumental Pattern

Published 02/11/2016, 02:17 PM
Updated 07/09/2023, 06:31 AM
US500
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SPY
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SPY is again trying to confirm this monumental head-and-shoulders pattern.

And yes, if the pattern confirms, it does not bode well for the market going forward. Simply put, a close below 1820 on SPX or 182.00 on (N:SPY) means that the pattern has confirmed. More importantly, though, will be whether Friday's price action keeps the price below 1820 for the week -- or not.

I noted this very point earlier this week and it's worth pointing out again -- it's that important. Also important is the 1812 level, which was the January low that the market reversed higher on for a period of time. We tested that level Thursday when as of mid day, there had been a light amount of buying. Maybe it morphs into more aggressive buying. But in my opinion, it is probably a reprieve before it ultimately breaks that level.

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