Head and Shoulders Anyone?

7:24 UTC 03 Sep 2009 5 Comments

headshouldersCurrently on the SPY there is a potential for a head and shoulders pattern, which is considered a bearish pattern and start to a downtrend. There is a simple and clear explanation at ChartPatterns.com The left shoulder and the head have been created and we could potentially rise up to form the right shoulder and then dive.  Below on the full post I have a chart showing the potential….

spy-9-3-09

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Stock Technical Analysis

5 Responses to “Head and Shoulders Anyone?”

  1. NHF Reply 9:10 UTC 03 Sep 2009 at 9:10 am

    Today is turning out to be a boring day so far where both the bulls and bears are scared of tomorrows job numbers because it could go either way.

  2. Jack Reply 9:49 UTC 03 Sep 2009 at 9:49 am

    Unemployment still going up; but numbers will be reported as “better than expected”. Seems to be a trend…. GS BS

  3. NHF Reply 8:21 UTC 04 Sep 2009 at 8:21 am

    Its bumped up to where the right side of the shoulder would be… around $102. Lets see what happens.

  4. Sammy T Reply 7:21 UTC 07 Sep 2009 at 7:21 am

    Of course they close on friday right at the turning point where it could either break out to the upside or break down…. guess we will have to wait for a gap up or down on Tuesday

  5. Bernie M. Reply 7:22 UTC 08 Sep 2009 at 7:22 am

    Looks like they found the commodities to push up the market now instead of the financials…. the financials are definitely sluggish in comparison right now

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