Comments on: SPY Head & Shoulders Pattern Target Hit 10-27-23 https://rightsideofthechart.com/spy-head-shoulders-pattern-target-hit-10-27-23/ Stock Trading, Investing & Market Analysis Fri, 27 Oct 2023 19:50:01 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/spy-head-shoulders-pattern-target-hit-10-27-23/#comment-29608 Fri, 27 Oct 2023 19:50:01 +0000 https://rightsideofthechart.com/?p=212688#comment-29608 In reply to rsotc.

I will be going home long, as stated earlier, just “less” long (mild net long position on the equity markets)

]]> By: rsotc https://rightsideofthechart.com/spy-head-shoulders-pattern-target-hit-10-27-23/#comment-29606 Fri, 27 Oct 2023 19:48:45 +0000 https://rightsideofthechart.com/?p=212688#comment-29606 In reply to Mikeflegel.

Sure. I really don’t like the price action so far in the 2nd half of the day. Tech was ready to, and started to, take the ball and run. However, a lot of the “other” TTW (things-to-watch) stocks & sectors I’ve been highlighting recently, including the banks & other financials, are coming under heavy selling pressure.

As I’ve said recently, the financial sector has half the weighting of the tech sector in the S&P 500 and virtually a ZERO weighting in the Nasdaq 100 yet no one single sector is as important to the ultimately health & performance of both the economy & the stock market. If the banking sector has problems, the whole world will have problems.

So far, the drop in the banks put the brakes on the big tech rally so I’m a lot less near-term bullish (and long) than I was earlier today.

]]> By: Mikeflegel https://rightsideofthechart.com/spy-head-shoulders-pattern-target-hit-10-27-23/#comment-29605 Fri, 27 Oct 2023 19:43:21 +0000 https://rightsideofthechart.com/?p=212688#comment-29605 As you say, you could change your mind at any moment. Could you let us know about that moment . The Trouble is there’s no money to be made staying light all the time.

]]> By: rsotc https://rightsideofthechart.com/spy-head-shoulders-pattern-target-hit-10-27-23/#comment-29604 Fri, 27 Oct 2023 19:25:39 +0000 https://rightsideofthechart.com/?p=212688#comment-29604 Forget to insert the updated (today’s) daily chart in the post above but just added it (charts are always posted sequentially so last chart).

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