NASDAQ, SPX, UYG: Updates

(Click On Charts To Enlarge)

NASDAQ June 15:

"The NASDAQ closed back above broken 2429...2430...2429 support, so that puts the downside target of 2310 ON HOLD and puts the short-term trend Neutral. As we discussed on Friday, the Intermediate Term trend has remained bullish (the two Bullish Inverse H&S patterns in blue, and in purple)."

UPDATE: The NASDAQ was looking good until Friday. Mid-week, it reestablished support at the Key 2429...2430 bottom of the Rectangle (pattern in black), but on Friday it broke decisively below it. That puts 2310 back IN PLAY. Possible upport above 2310 could be last week's 2388 low, and then the neckline and gap, from 2342-2357.

SPX June 15:

"Bearish Rising Wedges frequently "morph," or change, into a Bearish H&S Top...
If we get a rally that is on low volume, that fails in the flag (pattern in green), or say, fails at the 50DMA (which has rolled over to the downside and now is at roughly 1353), then the neckline gets taken out to the downside, we'll likely test the March lows."

UPDATE: That's what we got, so far. A failed rally to the bottom of the broken flag (pattern in green) for a Right Shoulder, then a break of the neckline on Friday.


UYG June 15

"The weakest of the three charts. It came close to testing its March low; the other two are well above theirs."

UPDATE: In a bear market, weak charts are the most vulnerable, not the strong ones. The weakest of these three charts, UYG, closed at a new low on Friday. Anybody's guess whether it rallies or goes down some more. I let charts like this alone, and don't try to guess.