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Tuesday, March 8, 2011

$COMPX Near-term

While yesterday we looked at the very bullish implications of the Nasdaq's longer-term chart, today the focus is on the near-term picture as we navigate the current corrective phase. Many of the major indices are sporting head and shoulder-like patterns after entering a corrective phase a couple of weeks ago. The most well-defined specimen resides in the Nasdaq Composite and should be closely monitored until it either confirms with a decisive break of neckline support or heads back up to clear the recent trading range.

Trade well.

-- Brinkley
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