SPX - Bearish HnS pattern near completion?

The SPX is still showing a bearish H&S pattern. Today's thrust up to 1356ish reduces the risk on a short play to about 15pts, with stops above 1370 (the head) which is inside my preferred risk zone of 1-3%.

SPY may have put in an exhaustion gap today.

The volume on SPX an SPY have trickled off steadily as price has climbed. Volume is reaching down into sub-average range.

Tomorrow the NFP numbers come out before the market opens. Perhaps poor numbers will be the impetus for a turn in Stocks.

Here is technical picture of the ETF SPY, which tracks the S&P 500 (SPX):



The volume action suggests that a distribution top is very possible as more trades are selling into a moderately rising top.


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