COMPQ Nasdaq Composite Daily Chart H&S Price Going Negative on Year

COMPQ Nasdaq Composite daily chart received the negative divergence spank down and has placed an H&S. A 2840 head and 2660 neckline would target 2480 which is also an area of horizontal support and a large gap fill. Indicators are weaker with price over the near term so this chart is sick. Once H&S necklines are broken they typically come back for a back kiss, so price should recover and move up to 2670-2680.

Price lost the 50 day MA at 2745 which ushered in more negativity but there are a couple of gaps left above since the drop was so fast. Price may recover sideways, back kiss the neckline, perhaps try to fill those two gaps above but with all those gaps below and not much support to hold price, the 2500 level should be coming by summer time.  Interestingly, price started the year at 2653 and today broke thru this level to the downside to create a negative year. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.