Although there were new highs yesterday all over the place, tech stocks peaked nine trading days ago (thanks in large part to Apple’s lame-o new product rollout). As I’m typing this (an hour far too early for anyone sensible), the NQ is down over twenty points, having been repelled yesterday by a modest topping pattern.
(Click on image to enlarge)
Looking at an intraday chart, you can see the dividing line between the small topping pattern (everything above the red horizontal) and what’s below. The blue trendline I’ve drawn had been broken a few days ago, but as of this moment, we’re resting on it. The battle between the peak of the green tint and the support of the magenta tint is what has been going on most recently with the NQ. I don’t have any position in the Nasdaq directly, but I’ve got a fairly meaty stake in an Amazon short, so obviously I’ll be cheering for a failure of that blue trendline.
(Click on image to enlarge)
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