The Nasdaq weekly chart is showing a potential head and shoulders formation going into the FOMC press conference and rate announcement next week.
Nasdaq Weekly Chart – Head and Shoulders?
In this video, Gail Mercer, founder of TradersHelpDesk, shows what she thinks may happen at the open today on the Nasdaq followed by a potential Head and Shoulders formation on the weekly chart to watch out for going into the FOMC meeting next week.
While the head and shoulders pattern is not perfect (markets rarely present prefect formations), the concept is there and may be a precursor to next week’s market move. However, monitoring the weekly chart for the close on Friday is extremely important.