By Licia Leslie
January 12, 2025
Hi Shoppers,
Friday’s selloff has brought the S&P 500 Index (Ticker: SPX) to close below the neckline of the head and shoulders pattern I’ve been talking about:
The blue line is the neckline and if the head and shoulders pattern is triggered, it will take SPX down to $5636
The red line is the median line of the pitchfork which is support and comes in at the nice rounded level of $5800.
Closing the gap from election day, which we just entered, will bring SPX down to $5783.44.
Maybe we just close the gap and then continue the rally.
Either way, it looks like we are in for a few more bearish days at the very least.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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