Profunds index and sector trading

[ajtj99]

Yes, an impressive distributive top. At NDX 1135 or so, Max Pain will be anywhere from between 1.30 to 2.30 below that level.

Three touches on the upper wedge line usually is required, although we could flag out or even bust up over the wedge before a reversal. The upper wedge line is rising about 4-points a day, so if you're pegging Monday for a high that will get us to COMP 1504 or so on the wedge if we do a slow rise.
However, the lower line of the wedge would be 1492 or so by then, so maybe that's too tight for comfort. My guess is that we'll have this resolved by tomorrow or Thursday at the latest.