The Bulls Are Getting Exhausted: 6-6-09 Stock Market Analysis

http://www.tplinvestment.com stock market analysis, SPY, using simple technical analysis, multiple time frames, Japanese candlesticks, moving averages, and support and resistance

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[ndell7]

Is that a bullish inverse head & shoulders pattern on the SPY chart?

[SPYoptionstrader]

I'm assuming you're looking at the daily timeframe.

You have to understand where those chart patterns show up. An inverse head and shoulder means revering a bearish trend to a bullish trend. It is more applicable if you see that pattern in an existing downtrend. Then that would make sense since that pattern indicates a reversal to a bullish uptrend. Seeing these bullish patterns doesn't have much significance if the trend is already bullish. Hope this makes sense.

[elwalvador]

No, so far we only have the left shoulder and the head. Once we get our pull back we'll form the right shoulder. Hopefully we will get the H&S instead of another leg down.