Today’s low 1942.75 is where Tuesdays EOD shorts are, and sellers Wednesday and the laggards on Thursday. Fairest price in range just moved to 1949. Head and shoulders pattern doesn’t matter to me really, its been wrong so many times and is sometimes right but needs downward momentum and some intense geo-political situation to create downward volatility.
This is a chart I was looking at this week:
This is what happened after:
That red line was a horizontal S/R. The red distribution has -15 k aggressive shorts who were pushed to cover.
Pretty low volume today and anyone short at weekly highs not happy. Maybe people want to be short into the weekend.