Tuesday, 16 April 2013

Have US stocks topped? Watch the NASDAQ. Daily chart bearish wedge, weekly H & S

What a wild week it has been.  There are so many charts of so many markets I would like to show this morning, if I had time. Given that my time is limited this morning, and most of my regular readers/followers are Aussies who are interested in stocks rather than currencies or metals, I'll go with the NASDAQ 100.

Has the NASDAQ 100 topped? And with it the broader US market? And therefore almost certainly the Aussie ASX 200? It's possible but not quite a done deal...

Daily chart shows a bearish wedge. Below last night's low would be ominous.

But wait, that's not all. A breakdown from the wedge would raise the odds that a right Shoulder is forming for a big bearish Head and Shoulders top.