I posted this SPY weekly chart a while back showing similarities in price structure, then and now. Currently price is trying to recover the neckline to its previous H&S top:
And the DIA throw-back to its H&S neckline:
The QQQ and what could be perceived as a complex H&S pattern:
The IWM right at the neckline from its previous Head & Shoulders top:
It is what it is. Throw-backs often expend a lot of energy only to run out of steam and have the bottom drop out. It will take some strong upward momentum to recover, and it needs to do so soon in my opinion.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.