DP Weekly Wrap: Does SPY Have Bullish Reverse H&S? Gold Sentiment Is Looking Contrarian

Nov 17 00:11 2018 Print This Article

A lot of people are seeing a reverse head and shoulders pattern developing, and it is really not hard to spot. From Friday's close, it will take a rally of a little less than 3% for price to reach the neckline. Add another 4.5% and new, all-time highs will be made. Some indicators favoring a positive resolution are: (1) contracting volume across the head and right shoulder; (2) the OBV reverse divergence; and (3) the PMO is confirming by bottoming above the signal line. Some negative factors are: (1) the bull market trend line has been broken; (2) the formation is too close to the all-time high to represent a trend reversal; and (3) any formation is less likely to resolve favorably in a bear market.

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