SPY Double Top Triple Top?
Possible Double or Triple Top on 
SPY ?
The SPY has been hitting the same resistance level of 600.80 for the past two days. First, on November 24, 2024, and again on November 25, 2024, before pulling back.
This repeated testing of the same level raises the question: are we forming a double or triple top? Will the SPY fail to break through this level, or will it finally push past it?
Only time will tell, but we should be aware of this potential technical pattern.
Double Top
SPY ?The SPY has been hitting the same resistance level of 600.80 for the past two days. First, on November 24, 2024, and again on November 25, 2024, before pulling back.
This repeated testing of the same level raises the question: are we forming a double or triple top? Will the SPY fail to break through this level, or will it finally push past it?
Only time will tell, but we should be aware of this potential technical pattern.
Double Top
- Two consecutive peaks: Two highs occur near the same price level, with a moderate decline between them.
- Valley in between: A noticeable low forms between the two peaks, which serves as a support level.
- Neckline: A line connecting the valley lows forms the neckline.
- Breakdown: The price breaks below the neckline, confirming the Double Top pattern.
- Volume: Decreasing volume on the second peak and increasing volume on the breakdown.
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