S&P 500

SPX Head and Shoulders thesis

210
Rejection at daily 200 MA (head). Rejection at 150 MA (30 Weekly) for second shoulder. Neck line Supply zone formed May 31st through June 8th.

A recent head and shoulder formation (red) looks set to usher in a down trend that coincides with the September effect. This could reverse in mid to late September, within the 3900-3950 demand zone from July 26th to form a second shoulder for an inverse H&S (green) that has been forming on a longer time frame, since April.

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