here’s that SPY 5 min with some notes and targets. again, not crazy about trading intraday H&S patterns but if that what the masses might be looking at, so be it. of course, there are several other potentially bearish signals on the near-term frames, such as the negative divergence noted here plus a nice uptrend line that can be drawn well on the 5-15 min frames that prices are very close to testing (btw, that uptrend line would break before this potential NL), as well as some other warning signs. i’m still keeping things light for now until i start to see the primary indexes start to crack on these shorter term frames and then continue to add as/if the longer frames start breaking down (15 min, 30 min, 60 min, daily, etc…) otherwise, this market is still in “buy-the-dips” mode until evidence starts to show otherwise.
