As we discussed yesterday, SPX pierced the H&S neckline at 1363. But, the next step in confirmation would have been a close below the neckline. Didn't happen -- yet. Instead, we've been watching a back test of the channel that guided 4/10-4/20.
This morning, we completed that back test and should see the downside resume if the H&S pattern is going to play out. With all the economic news out today, and Apple's earnings after the bell, there's plenty of wiggle room in the cosmos. As always, use stops -- just in case The Universe has other plans.
More later.
This morning, we completed that back test and should see the downside resume if the H&S pattern is going to play out. With all the economic news out today, and Apple's earnings after the bell, there's plenty of wiggle room in the cosmos. As always, use stops -- just in case The Universe has other plans.
More later.
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