The NYSE closed above the resistance shown in yesterday's post, and today the Qs closed right on trendline resistance. The above trendline is parallel to the median line which also passes through the May and June highs. A lower parallel trendline approximately equidistant from the median line passes through the July low.
Their appears to be 3 different possible support levels: the median line, the June high, and the lower trendline. Based on the current cycles it looks like a possible date for a bottom would be around 8/13 to 8/14 assuming a correction actually occurs. So far, anyone looking for a pullback has been denied, but it appears we may now have a catalyst as AMZN, JNPR and MSFT are getting hammered afterhours.
The best case scenario in my opinion is a shallow correction that lasts one to two weeks. However, the timing would seem to indicate a 3 week correction.
I will not be selling this correction, but continuing to manage positions and looking to add at support levels.