How Reliable are Chart Patterns and Technical Analysis on Indices? 🤔

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If an Index is Made Up of Stocks Why do We Get Chart Patterns? Let's discuss chart patterns and technical analysis of indices If an index is made up of stocks why do we get chart patterns on the charts of that index? I thought about this quite a lot and I'm going to share my thoughts. If an index like the S&P 500 is made up of 500 stocks why do we still get patterns on charts. For most indices you have a couple of venues where you can trade the asset directly - say SPY and ES (futures) for the S&P 500. People who are trading SPY and ES are trading the aggregate value of the S&P500 so they don't really care about the underlying value of each individual stock.

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