Nasdaq Head & Shoulders starting to form?
No doubt that this is premature but after todays good start and wobbly finish the NASDAQ has been a bit suspect the last few days, and this may be the start of a right shoulder beginning to form in a head and shoulders pattern.
If Nasdaq moves up to its previous high then this chart will look pretty silly, however another few days of stuttering starts and we could see a decline completing the right shoulder.
If the neckline is broken around the 13,100 - 13,140 level then that will be an area to go short. The dashed orange line shows this might be a support turning to resistance if broken.
If the 9 day SMA (white line) moves below the 21 day SMA (blue line) then this could be an additional indication of a short term move down.
I know i've gone very early on this one, but worth keeping an eye on.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.