Quick intraday chart updates for the S&P 500 ($SPY) and Russell 2000 ($IWM), just before the close today. Basically, some 15-minute, tilted H&S bottoms are precipitating a downdraft in the broader recovery, which should bounce off a bottom before this weekend…
Russell 2000 ($IWM)
15min H&S bottom nearing right shoulder support ~$108 (-1%) with 1x bear divergence having just reversed down out of 3x bull divergence.
Daily LT bull flag w $120 (+10%) flagpole resistance, but 2x bear divergence.
Weekly 3x bear divergence.
S&P 500 ($SPY)
1min H&S top breaking-down under $193 neckline support;
15-min tilted, complex H&S bottom nearing right shoulder support < $191 (-1%) with ST 1x bear divergence.
Daily ST diamond top forming w target resistance ~$204 (+6%), but 2x bear divergence; LT bull channel recovered from bear trap.