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Today's 3.69% rally in the Nasdaq 100 was good news. However, technical analyst Chris Kimble points out a not-so-happy pattern that could be taking shape — a head and shoulders top.
Chris comments:
I have shared in prior posts that the NDX began a rally in 2008, well before the S&P 500, and it has greatly outperformed since the low.
NDX is currently above its 200-day Exponential Moving Average, while the other major US indexes aren't. Earlier this week (here) I suggested we keep an eye on this leader.
Is this leader now putting in the "scariest" technical pattern possible? Possibly. I've created target zones on the chart in case this pattern forecast is correct.
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