Head and Shoulders SPY QQQ DIA 50 DMA and Implications.
Head and shoulder patterns do not do well in a bull market. They perform well in a bear market. Inverse head and shoulders perform well in a bull market, not so great in a bear market. GRVY has fallen past significant sources of support.
The head and shoulder patterns I have noted recently either use the neckline as support then bounce off of it, or they do break the neckline but do not hit the down targets for the pattern, not yet anyway, before turning back to the upside.
This is a rainy Monday, and can make one wonder what type of market we are headed for. SPY is sitting on top, I mean right on top of the 50 DMA as I type this. DIA is not under the 50 Daily moving average. QQQ is above it's 50 day moving average. There is a rising wedge noted on QQQ's chart. The bottom trendline was pierced by a green candle tail back at 316ish. DIA has no rising wedges that I see in the yearly chart.
Some folks use the 50 moving average and where price is in relation to it to try and figure out what type of market we are in. If price is above it, it is considered bullish and below, possibly bearish. We were above the 50 daily moving average in all 3 indexes when I checked this last night. DIA fell below the 50 a few weeks ago and was back over it until today. The 50 DMA is still sloping upward on all 3 indices and the 50 is on top of the 100 and the 100 is on top of the 200 as they should be
No recommendation.
The head and shoulder patterns I have noted recently either use the neckline as support then bounce off of it, or they do break the neckline but do not hit the down targets for the pattern, not yet anyway, before turning back to the upside.
This is a rainy Monday, and can make one wonder what type of market we are headed for. SPY is sitting on top, I mean right on top of the 50 DMA as I type this. DIA is not under the 50 Daily moving average. QQQ is above it's 50 day moving average. There is a rising wedge noted on QQQ's chart. The bottom trendline was pierced by a green candle tail back at 316ish. DIA has no rising wedges that I see in the yearly chart.
Some folks use the 50 moving average and where price is in relation to it to try and figure out what type of market we are in. If price is above it, it is considered bullish and below, possibly bearish. We were above the 50 daily moving average in all 3 indexes when I checked this last night. DIA fell below the 50 a few weeks ago and was back over it until today. The 50 DMA is still sloping upward on all 3 indices and the 50 is on top of the 100 and the 100 is on top of the 200 as they should be
No recommendation.
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