Image Source: PexelsLet’s take a closer look at seven key index charts before we head into CPI week.We will begin with the Nasdaq 100, which appears to be approaching a very important channel midline. That dashed line goes back a full 15 years and, if broken, signals more wind in the bearish sails.
The S&P 100 has its next important support at the ‘Election Gap’ (as demonstrated by the dashed green line).
The Russell 2000 has been quite obedient to its Fibonacci lines, and that’s a crucial level here as well. Break it, and it opens up the entire range beneath.
The semiconductor index did a total fake-out. It broke above its symmetric triangle, and it is now within that triangle again.
The Dow 30 busted well below the election gap, seemingly affirming that the new administration isn’t going to achieve much. I’ve drawn a horizontal line to represent the measured move down.
Likewise, the S&P 500 looks to be in a gorgeous, rounded top pattern. Here, too, I have provided a measured move lower.
Lastly, the oil producers index created a shooting star formation on Friday, and I believe this will be reliably lower for months to come.
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