A head and shoulders top is a significant technical pattern. It is possible that QQQ is setting up for this type of top. The fact that the neckline (purple line) is sloping down also signifies more potential weakness. On the other hand, if the right shoulder is exceeded, it is off to the races. It should be interesting to watch. With the Fed meeting next week, volatility should be big. One bullish factor is that the Investors Intelligence poll of investment newsletters shows only 40% bulls. Tops are likely when there are more than 60% bulls. Bears are only 25%. When there are more bears than bulls, a rare occurrence, the market bottoms.
