LG, do you believe head and shoulder patterns are reliable? What I'm getting to is my concern over the spx breaking down below it's neckline. If so how do I figure what the potential damage is? Also, do you think the neckline will provide resistance on this rally? Any help offered is appreciated.
Which means tomorrow it could ramp to approx 56.44 (its last 2 peaks) prior to tomorrow's AH earnings, then might sell off and ramp down considerably.
48.35, 48.37 and 48.68 define its lows of the past 2.5 months.
I presume such a move would drag indexes down.
Further, with other software like SEBL missing, in the already weak software sector, and with the heaviest weighted DOW stocks completing their reporting tomorrow am (except MMM, Monday), doesn't it suggest we are moving close to an index decline? Most of the bigs in both indexes will have reported by tomorrow AH.
Taking this further, with Friday as the witching day, where would you look for a nearterm peak?
(BTW, I think NASDy could sustain a drop to 1370 at the open and still rally at least 75-100 pts from there, per my chart review.)
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