Nasdaq (Update)

It's been a couple weeks since my last post regarding the h&s pattern.  Since this pattern was confirmed we had a retest of the downward sloping trendline.  Prices rejected off this level along with the 10, 20 DMA.  We now have a 3 point downward sloping trendline, but are at a crossroads of future moves.  On the one hand we have confirmation of a h&s top.  On the other hand we have a possible falling wedge forming.  The right shoulder high is the first key level of resistance @ 2260.33.

NASDAQ (update)

Friday's close @ 2091.79 confirmed a weekly head and shoulders top and was below the 50 and 100 DMA's.  The prior swing low of 2100.17 was also taken out confirming a change in trend.  We no longer have higher highs and higher lows on the weekly chart.  The next swing low for possible support is 2024.27 and the recent swing high of 2341.11 will serve as possible resistance.  The target on the head and shoulders pattern is ~ 1732.00.