Note the caput too shoulders designing inwards the S&P 500 Index (SPY) that has received much recent attention. The 20-day volume-weighted average cost (blue line) that had acted equally back upward during the rally became resistance during the recent upmove. Now nosotros are testing the neckline of that caput too shoulders pattern. Interestingly, I demo 227 novel 20-day highs with NYSE, NASDAQ, too ASE stocks today against 972 lows--fewer novel lows than nosotros saw yesterday. If those novel lows don't expand with continued selling today, nosotros could trap a few bears looking for a breakdown of that much noted pattern.
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