NQ - Potential Head & Shoulders (Risk off for now)
The picture isn't pretty for Bulls at the moment. With a potential Head and Shoulders formation in the making, the likelihood that both the Nasdaq100 and SPX will be testing their neckline "supports" in the near future appears strong.
September is historically a "weak" month and this year it appears to be no different. Whether this is just a much need correction for the last quarter boost or something more ominous remains to be seen.
Be wary of buying stocks on the cheap unless it is backed by supports that are holding with bullish reversal signals.
I will err on longer term bearishness should Nasdaq 100 start to break and stay below it's neckline support of 14687. Let's see!
Disclaimer:
TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important!
Take care and Good Luck!
September is historically a "weak" month and this year it appears to be no different. Whether this is just a much need correction for the last quarter boost or something more ominous remains to be seen.
Be wary of buying stocks on the cheap unless it is backed by supports that are holding with bullish reversal signals.
I will err on longer term bearishness should Nasdaq 100 start to break and stay below it's neckline support of 14687. Let's see!
Disclaimer:
TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important!
Take care and Good Luck!
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