— Chicagostock (@Chicagostock) March 2, 2017
On March 1st, the SP500 gapped higher with an open at 238150. This forced shorts to cover and buyers to chase prices above 2380. The market rallied into a high of 2401, before it was retraced back the following day on Thursday. By retracing the move back, the market created an inverted cup/handle leaving buyers that chased the market above 2380 on the hook to see a shakeout down to 2361.