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ZackMakesTrades

SPY Head and Shoulders Critical Resistance

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
ZackMakesTrades  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Chart Patterns Trend Analysis Technical Indicators
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chartpattern trendanalysis indicator
SPY has rebounded despite recent mass corporate layoffs, interest rate hikes, and general negative market sentiment. A head and shoulders pattern is forming where I believe SPY will turn down once again. Also, a massive factor in this prediction is the upcoming interest rate decision from the FOMC at the end of January.

Indicators: Oversold Stochastic, approaching 200 day MA, 2nd shoulder of forming pattern.

Entrance: 393-398 range

Exit: 380 (1st), 372 (2nd), 360 (final)
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