You can see the head and shoulder pattern labeled on the chart. This head and shoulders pattern is a bearish signal as there have been two lows with support (the 1st shoulder and head) and the 2nd shoulder is slightly higher than the first, indicating an upward movement. With the break in the neck today, I hope to see a strong bullish movement in the next several days or weeks, but I am cautious when I look at the Relative Strength Index (RSI) below.
- Trump rips into 'The Amazon Washington Post' after report on North Korea talks
- Earnings have been great so far, but worries about the future are already cropping up
- Years before his all-caps Twitter threat, Trump used to accuse Obama of looking to start a war with Iran
- Tesla shares drop after carmaker reportedly asks its suppliers for refunds to reach profitability
- Oil prices could jump to $200 a barrel if US and Iran go to war in Persian Gulf, analyst says
- Art Cashin: Earnings are holding the market together as traders expect Trump will not let up on trade