SPY pennant

The Head & Shoulders neckline (black dash) and 200 day simple moving average (red dash) remain significant resistance above the current S&P (SPY) levels.  Concurrently, there a pennant pattern building as Bulls and Bears engage in a tug-of-war over whether the next leg will be up or down.  A secure break above the pennant and 200 day would move me towards the bull camp, at least temporarily.  Until then, I remain of the belief that we have witnessed a hope-based rally like that in May, 2008.

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