In a post a few weeks ago we looked at the big picture. Let’s review those again and see where we are at.
SPX head faked above the dotted line and was whipsawed (and bull trapped) back below it.
Dow held below the line and is now testing the channel line.
NDX dropped back into the channel and the pattern looks toppy.
SOX hit channel resistance but still potentially targets a ridiculous level after putting the not so ridiculous one in the books long ago. It can’t be stressed enough how important this index is going to be as a market leader going forward.
RUT looks like it is building a massive topping pattern after touching the 38% Fib retrace level. There was literally no support there other than the Fib. Much better support is in the low-mid 800’s.
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