|SPY April 23 2013|
Today's market rally brought SPY into a decisive point for two chart patterns with completely different implications. Many believe that a head and shoulders topping pattern is forming. A consolidation or pullback here would tend to support that. Another growing possibility is that the old uptrend channel is still working, and there is no topping pattern at all. The coming days should resolve this issue and give us a good read on market direction.