(Click On Chart To Enlarge)
From June 6 comments:
"Despite how well the NASDAQ has acted, we always want to be looking the other way, in case it Double Tops here at 2551 and 2550. Negatives would be:
1. A close back inside the Symmetrical Triangle
2. A close below the channel (red), which is a validated trendline
3. A takeout of 2460 (Green #4)
4. A takeout of 2429 and 2430 (Green #2) horizontal support"
Rough day on Friday. The NASDAQ closed back below the Symmetrical Triangle, so that's Negative #1. The close Friday was about 3 points above the validated up trendline off the St. Paddy's Day low. The data point for the trendline for today on the chart should read June 9, not June 7. It comes in at 2476.94. If we close below that, we'll have Negative #2.
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