If you're no longer expecting a Nasdaq 100 breakdown, then here is the classic H&S formation on the Philadelphia Semiconductor Index (whose components include the giants of this year's tech rally). Will a break below the SOX neckline help drag down the Nasdaq 100 below 14800?
The Apple (NASDAQ:AAPL) event and US CPI release are among the powerful drivers for what's to come next. But I suspect the indices won't resolve themselves before the FOMC meeting. We've been short NDX (US100) since late last month.
