S&P Failed Breakout??

9 Mar 2021

The S&P broke out from our inverse head and shoulders pattern, but faced resistance at the trend line which forms the upper bound of our pseudo-megaphone pattern. If we can't muster the momentum to continue the breakout, then this is a bearish sign and the S&P could retrace all the way back to 3737. If momentum picks up we can easily hit 3909, a technical level and a Fibonacci Extension level from Fibs anchored on the inverse H&S. The Kovach OBV has dropped off suggesting weakening momentum