Double top pattern on the formation here. We broke through 64.75 on this gap down in the market completing the double top. A retest back toward 64.75 may not be a bad idea for a short. Place stops appropriately.
Research And Analysis
We are seeing some of the bull momentum here and in our opinion if it breaks the above trend line then it will continue its bullish momentum as expected.
This is compression zone and in it this market is stuck between let us see how it breaks this compression consolidation.
While the market ripped to new highs, albeit on low volume, AIG has struggled to break its own 50d MA in the past week. With NIRP, ZIRP, and flat equities since 2015, can't be good for AIG. Short into earnings...