Stocks are expected to collapse now
|Nasdaq futures
Emini Nasdaq breaks the neckline to a 2 month head & shoulders pattern at around 24850.
Yesterday we wrote: I think there is a greater than 50% chance of a confirmed break below this level sooner rather than later.
This break was expected & is an important medium term sell signal.
A break below 24600 is another sell signal & risks a slide to an excellent buying opportunity at 24200/24000.
Longs need stops below 23850.
Strong resistance at 24850/24950 & shorts need stops above 25100.
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