Sep 3 2019 – Major Indexes Showing Head & Shoulders Pattern?

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There has been somewhat of a ‘head & shoulders pattern’ forming on the S&P 500 (SPY), Dow Jones (DIA) and the Nasdaq (QQQ). However even with the potentially ominous ‘pattern’ forming/present, the 50-day SMA remains the key overhead resistance level. And as for support, keep an eye on the August lows for a line-in-the-sand before the next round of selling might ensue. I also cover GLD, SLV, GDX, SIL, YETI, UBER, LYFT, ATVI and more.

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ThexBorg says:

The IWM & MDY look like more of a head and shoulders since December.

Ana RobertsonMiller says:

Already a member, I hope you provide that information to us

kilgoring troutless says:

There was a manufacturer of car seats interviewed today. He has the pieces manufactured in China and then assembles them in the US. He said he was notified by his supplier that prices of the imported pieces increased 15% as of today. Indicated he is trying to negotiate both he manufacturer and the sellers to absorb part of the increase, as will he, but that prices will still have to go up. I agree there is no need to be political here but, there is also no need to stick your head in the sand and pretend that the tariffs are not having an impact on not just US but would trade. Everything from increases in consumer prices to relocation of supply chains to countries all over southeast Asia to avoid tariffs because nobody thinks this is going to be over anytime soon. If you know anything about Chinese culture, you will understand that there is no way they are going to make a deal only to have the blow hole in chief brag daily about how he beat them. President Xi wouldn't last six months if he allowed that to happen.

Traders Graphics says:

We shall see in 5 years. Head and shoulders is hindsight.

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