Here is a 15-minute SPY chart over the past couple of weeks (click to enlarge):
The height of the attempted Head-and-Shoulders pattern is purple line “A”. If SPY is able to break above the neckline on strong volume, it could run up the price-projection line “B”.
Notice that SPY is having trouble holding the green uptrend line. Also, the Chaikin Oscillator is still negative indicating insufficient money flow into SPY.
Even if SPY can get it together and break-out, the setup implies that it will not be able to fill the Gap of Doom.
