NQ Broadening Top
The NQ is making a broadening top pattern. This is not a bearish or bullish pattern, since it trends upward 49.6% of the time and downward 50.3% of time. It has a nice look, where price was trending upward 6 months leading into the pattern, with downward sloping volume. To pick a top in this market is dangerous, with the low volume grind. I am looking for clear resistance at the top TL, where the previous days low is violated on a strong daily close. However, I believe the markets could try to close towards highs leading into Trump´s inauguration, with price at highs or near them. After that it´s anyones guess. This is also the week before opex, so we could see a Thursday / Friday low? All bs at the moment. However, if next week is like all the other days in the election cycle for Trump, I would not be surprised if next week is an upside bias week. Notes on chart Go to bulkowski for good information on broadening tops at thepatternsite dot com
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