Yes, I noticed the SOX was lagging a bit on the scans, but I was too lazy to check out why.
Really, what I think is going to transpire is either a local top here today at COMP 1464 that lasts a day or so and then a rise to COMP 1500, or a major top that lasts much longer. Either way, the closes will probably not be much higher than what we saw yesterday.
My preference is for a top at 1500 COMP, but today is an 8-day Fib off the low, and I respect that. A week from now is a bigger fib, and that might be better as it will allow the Dow to get past its double top at 8522 and the NDX to test the Dec. high in concert with the COMP's test of the same.
We'll know very soon if this is indeed a major top, as the NDX channel is only about 36-points wide and rising 10-per day. If we rise about 15-points today to the top of the channel, it leaves room for only a 25-point drop before the rising lower channel line is hit.
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