SPY - short term Head and ShouldersFollowing up on my last SPY chart trend, we have emulated that fractal fairly closely over the last few days.
The chart before us now looks to be presenting a Head and Shoulders pattern. Granted it is on a one hour timeframe and anything smaller than a daily for a head and shoulders needs to be taken with a grain of salt (although it can be seen there too) I maintain that the current global narrative will result in a downturn next week.
I see two support lines; 1 basically at the neckline and 2 around the 555 price point. I maintain that we flush somewhere around 560 early next week. After closing my 565 strike puts out last Wed I bought the same strike and date (Oct 18) last Fri. I’ll likely sell a few of them if we range at the neckline/support 1 and will let the rest run if we break down under 564.
There is a second spider as we enter into the Halloween season…just a bit of fun for me😊
Take care,
MR
