Surprised I haven't seen any posts about the head and shoulders on both SPY and QQQ. The neckline was broken last Friday and if we get a downside equal to the upside from the neckline then SPY should hit a minimum low of 392 (and 293 for QQQ.)
Even if you didn't believe this was a bear market rally or in technical analysis, a head and shoulders pattern with a neckline break is a rarity, lots of people spot and bet on potentials but here we have the real thing, even if on a short time frame.
Personally, I always thought this was a bear market rally taken to extreme levels of hopium and I'm not sure the bottom is in. But at least with the h&s I'm pretty confident we have some more short term downside in the next few days. And then of course after Labor Day we may get our annual September pull back on top of all this.
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