John- Remember a couple weeks ago- we discussed the old apex of the lower-trend line (off highs), and upper trend-line (off lows)....well, that thing is still hanging out here, and is poised for (conclusion) 2125 by Friday...
You can see it clearly on velo's daily charts (under Nasdaq commentary)...http://www.raptorgroupresearch.com/
Having said this, we basically broke the last wedge (with last week's down), and made an attempt to get back in it, and got repelled (again), as custom from marginal high...looks like this thing is running out of time (to get back above that upper-trendline off lows), otherwise, it is failure, pure and simple.
Also, since the May high, we basically made 3 similar trips: nice-sized down, followed by rising wedge, and then broken to downside....
AMAT right at 40 this morn in pre-market. Looks like (one) moment of truth comes early...looking for any bounce here?
Everything sounds real negative today, including CNBS <G> |
