The markets will not fall until the big tech stocks do, and they are looking ripe for failure from here. I will highlight a few things I see on the charts.
Strong bearish RSI divergence on the RSI and a classic rising wedge complete with an exhaustion overthrow. These features present themselves on the daily chart .
On shorter time frames, we may even be looking at a local head and shoulders crown to top it all off (I will add a screenshot of that below shortly). If we continue to consolidate in this area, and even if we move up from here, a gap down will create yet another dangerous feature: an island reversal top.
Strong bearish RSI divergence on the RSI and a classic rising wedge complete with an exhaustion overthrow. These features present themselves on the daily chart .
On shorter time frames, we may even be looking at a local head and shoulders crown to top it all off (I will add a screenshot of that below shortly). If we continue to consolidate in this area, and even if we move up from here, a gap down will create yet another dangerous feature: an island reversal top.
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Potential head and shoulders on the hourly:
