Nasdaq 100 Futures Chart pattern is a very dangerous one, showing a measured upside breakout move to an almost predetermined destination point of 7850, at least the way I measured, it was an exact hit, and then just as suddenly,... a move straight down.
NQM June 2019 contract has hit a huge air pocket, after constructing a broad topping pattern on the chart. I've left the chart alone, without anointment so you can see very clearly what has happened here.
The puncturing of this pattern to the downside, occurred seconds, after the Google's earnings announcement on 4/29
The volatility of this type of pattern should be watched very carefully. Sharp moves, in either direction, can come with little warning, so traders need to be very careful here.
However, it is until proven otherwise, a busted short term pattern. Loss of confidence has now entered the market, with one fall swoop. Technology is now under pressure.
Well Alphabet is dragging tech down, but Apple managed to swoop in a instill some additional confidence- now we are looking at S&P futures opening at approx 2957, a definitive break of ATH. I'm thinking that 3000 is next on the menu now before we face another potential sharp turn down as was potentially expected at the 2940-sh level (previous ATH). I don't know my man, things are looking pretty FOMO-ey to me, how do you think this will unfold, a melt-UP, or a melt-down. I was leaning to melt-down but now I'm wondering if exuberance isn't too high and that the market will have another couple months of what we've been winessing- earnings season was much better than expected after all. Uuuuuuggghhhh- I'm conflicted- That bearish divergence on the weekly that you point to is VERY ominous.