Hey Junkie, did you miss today’s move on my Bear flag observation that hit my 5150 mark or were you too busy being snarky to other people in your life! I more than doubled my money since your March 26th comment! You’re welcome if you were smart enough to take that trade ;-)

Refer to Randy’s answer below if you’re interested in expanding your knowledge and intellect on how to interpret simple chart pattern examples found in your favorite pattern site relative to current conditions.

Possible but IMO, the “flag” has gotten a little bit too large in relation to the flagpole (the impulsive move down preceding the formation of the bear flag. Again, that’s just my opinion but also note that the $SPX has rallied back to & has been backtesting its 200-day SMA for the past 3 sessions so let’s see if it can regain that level (near-term bullish, although the higher it gets above it, the more likely the recovery is to stick) or if it continues to move lower following today’s rejection (the further it gets below it & especially if it breaks below the recent lows, the more bearish that is).

you could do your due diligence and answer your own question with an encyclopedia of chart patterns: https://thepatternsite.com/flags.html

Just got home & back at my desk now. Not exactly sure what you are asking but if you are looking for another test of those preferred bounce target zones (i.e.- resistance) that we hit late yesterday & early today, I wouldn’t bank on that.

Certainly possible, of course, but IF (and a big IF) the recent ATH’s in SPY & QQQ marked the start of a new bear market with the recent drop that completed a couple of weeks ago being the initial leg down, then I’d put good odds that yesterday’s & today’s highs marked the end of the first tradable counter-trend bounce & the market probably won’t provide the masses a second change to book the nice profits on the recent bounce longs and/or re-load into shorts at such an ideal point. JMHO but one based on experience & my read on the charts.

/NQ & /ES also put in divergent highs on the 60-minute charts on that rally into my preferred bounce targets zones along with a bunch of market-leading stocks rallying to backtest key resistance levels, such as their 200-day MA’s from below..& even more importantly, both SPY & QQQ rallying up to backtest & get rejected off their key 200-days.

Bottom line, if we get another leg up, both those preferred & maximum bounce target zones would still offer objective short entries but my guess is less than a 50% chance (unfavorable odds) of that happening but let’s see if & how any bounce off this initial downside target/support (or the next target/support) plays out.