SPY maintains inverse head and shoulders pattern targeting $800.92; vulnerable to breakdown without confirmation.

So let's take a look at the charts starting off with the S&P 500. As you see here, the theme over the last week, guys, has been head and shoulders. And a lot of inverse head and shoulders are popping up all throughout the charts.

One of which right here in front of you on the S&P 500, the SPY daily time frame. Today's price action came back down, was comfortably trading in the morning underneath that neckline.

And you see here we gapped down, put in a nasty bare flag and then all at 11:30 that sell pressure alleviated pushing price up on top of that gap down and then since chopped sideways all throughout the end of the day.

The good news for the spiders. It's still maintaining this pattern which does carry a measured move target all the way up here just above $800 at $800.92.

As I said, if that 10-year yield starts pulling back, that's going to allow the spiders to continue to push up on the chart. First area of resistance will be the top level of this trend line right around $79,464 if and when we can get above uh yesterday's all-time high pivot.

But a great move uh to maintain this inverse head and shoulder status.

One thing to note, guys, what do we talk about with breakouts here in trading the close? We like to see a breakout candle like this, but we want to see the candle the following day push up higher and close above.

It did not do that today, guys. So, we're still waiting for that, which means it's vulnerable for price to break down underneath, which is why it's remarkable this morning at 11:30.

Price action just jumped right up on the chart, saving itself, at least for the near term. Now, let's see if we can get a confirming extended move away from that neckline in the coming days. that certainly will help increase probabilities of that measured move uh playing out.