SPY is Forming Inverse Head and Shoulder Pattern !

SPDR S&P 500 ETF TRUST (AMEX:SPY)

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AMEX:SPY SPDR S&P 500 ETF TRUST

trendanalysis chartpattern indicator spy stocks head

SPY got rejected at the neckline 281 and currently forming an inverse head and shoulder pattern. Currently, stochastic RSI is in the overbought region. We can expect a pullback to the 270 level and then a reversal from there. Once the neckline is broken upward, we can expect a bull run till the end of December.

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