Friday, May 31, 2019

MTU Month End Ed - Necklines (5/31/19)

The selloff in SPX broke several key support levels - key moving averages, the small potential head-and-shoulders neckline, the 2019 uptrend line.

There are a number of unfilled gaps present and positive divergence in smaller time frames.  If the market chooses to consolidate, we could see the right shoulder of the larger potential head-and-shoulders forming in June.     

The monthly chart and the monthly candle suggests further weakness is likely.





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