I haven't been watching stocks as much lately, but I wanted to point out some things that were obvious to me. Much like the SPX, distribution has been set in for a while on the push to all time highs. Zuckerberg and large holders undoubtedly had knowledge about the coming outing of Facebook. This is what distribution is...selling or profit taking, which produces a sideways type action within the chart, and is almost always followed by a significant dip in price. I imagine my first target area highlighted on the chart will be temporary, but may serve as a nice place to take profits in the short term on short positions. Will update later as needed.
Comment:
I will be vindicated... me thinks.
Trade closed: target reached:
What else is there to say?