We talked about the 15600 level in yesterday’s note as being our Bull/Bear options expiration line and well…Bears stealing the show today. So we wanted to keep things in perspective and with that being said, here is our Major top Nasdaq technical chart:
We are looking for a breakout of this ellipse one way or another, right now the bulls are in grave danger. Not only have they failed at the major 0.786 Fib we use, but they have also been in a clear head and shoulders topping pattern over the last 4 months. Remember these things take time to play out and in this sub minute algo driven world, looking at markets in the way we do, well seems quite archaic to the modern day robot…we prefer it that way! Ok this weeks close will be interesting, the UAW strike and events like that, have a way of setting a sour tone and may set off more than many have bargained for!
Here is a quick market snapshot of the markets we follow:
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