Not a ton of clues about what the market wants to do following yesterday’s mind-blowing afternoon rally. We were down, then up, then down again, and now we are trying to decide between whether SPX wants to stay down or jump start another afternoon rally. It is really a mess out there, and reminds me somewhat of the sideways action we saw in between the August and September dumps the market took last year.
Below is the only pattern I have been able to make out so far and it is a head and shoulders pattern on the intraday 1 minute chart. It can be seen just as well on the 5 minute chart too.
Just keep an eye on it. A break above the head would no doubt end the pattern from playing out correctly.
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