Possible Head & Shoulders Top in Nasdaq

The Nasdaq may be building the right shoulder of a head and shoulders topping pattern today. The flip side of this is the failed breakdown last week (in red). Head and shoulders patterns tend to have a downward sloping neckline (black line) so the failed breakdown may not be relevant. Hard to feel confident in either direction at this point, but hopefully we get a better indication of direction later this week. Happy trading!