$SPY flirting with with VWAP 141.09. Backed up from today’s highs. Overall it is clear that the market is exhausted, most of the commodity names that were doing so well the past week, are not down significantly from today’s highs. The $SPY is now showing a clear invert head and shoulder pattern. well that will be confirmed if we cross 141.35.
If we fail, what we might be actually forming is a double top on the day, and shorts are going to come in hard to frustrate the dip buyers. I personally have been acting very careful and waiting for real direction.
May you all have a good continuation of your day.
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