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SPY Threatening Breakdown of Ascending Broadening Wedge Pattern

As a follow-up to the recent post highlighting the tags of support on the 60-minute charts of SPY & QQQ, those support levels also align with the bottom of the much larger, more technically significant Ascending Broadening Wedge pattern on SPY. While the bottom of that ABW pattern is also support & this tag may produce a reaction, the confirmed negative divergences in place warn that any bounce, assuming that we even get one, could be short-lived & sold into rather quickly. Personally, I'm sitting tight on my shorts & will assess any bounce as/if it materializes.

SPY daily June 16th

SPY daily June 16th

Jun 16, 2016 10:40am|Categories: Equity Market Analysis|Tags: , |Comments Off on SPY Threatening Breakdown of Ascending Broadening Wedge Pattern