Chong

$KO and $MCD both broke out earlier this year — but now head & shoulders patterns are forming on the daily, and the higher timeframes are pointing back down to retest those breakout levels. If you don't follow names like $KO $MCD and $PEP — you should. Every time these defensive names made big moves to the upside, in October and again at the start of this year, risk on stocks were selling off. That's not random. Money rotates into these "safe" names when the broader market is weak. They move inverse to growth. So when the same names that rallied during market weakness start setting up for downside? That tells you the opposite is coming. Watch for it. When money leaves the "safe" names it doesn't disappear. It flows into growth. The Setups 🧵👇

$RIG Monthly Candle Chart 6? 7? 8? 9? 10?

$SPY Daily Candle Chart Diagonal and horizontal support around 640 for a short term bounce