SPY is settling into a Symmetrical TriangleThe symmetrical triangle pattern is one of the most popular chart patterns in the world of technical analysis. This pattern is a result of the convergence of two lines that form a ... pattern in the weekly time frame. How the pattern resolves itself will set the stage for how the S&P 500 will perform for the remainder of 2022.
Notice the cycle waves. For the downtrend to continue, this cycle needs to break below the previous low at around $361.
SPY officially entered into a bear market on June 13, when the pullback exceeded 20% off the all-time high. Blackrock and Vanguard have been holding up SPY from free-falling. With earnings season upon us, and a symmetrical triangle on the weekly chart, decision time for institutional investors is quickly approaching which will set the stage for how markets move during the second half of 2022.
June CPI Inflation Highest Since 1981
Whatever happened to that inflation is transitory?