Guy S. Ortmann, CMT | Feb 09, 2016 09:15AM ET
NDX Completes Head and Shoulders Top
Opinion: All of the indexes closed lower yesterday with negative internals as volumes rose notably on both exchanges. Multiple near term support levels were violated on the charts while the NDX chart appears to have completed a “head and shoulders top” formation suggesting that index has seen only half of its downside objective. The data is a mixed bag that unfortunately lacks a sufficient amount of evidence to suggest we are on the threshold of a near term reversal. As such, our short term outlook remains neutral/negative while the intermediate term remains cautious.
SPX: 1,820/1,907
DJI: 15,975/16,592
COMPQX; 4,211/4,537
DJT: 6,790/7,022
MID: 1,216/1,290
RUT: 956/1,019
VALUA: 3,827/4,070
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