Momentum:

Monthly, weekly and daily MACD histogram, all down.

We’ll look at several daily charts before moving on to weekly and P&F.

Above, the Head & Shoulders pattern is clear. There’s a down-sloping neckline with a rally that looks to be rolling over.

An alternate view are two wedge patterns:

On to the weekly. A Fibonacci projection has been added showing down move potential.

Lastly, daily P&F with its own projections.

Interesting to note: Range from 104 – 127, closely matches the 100.0% – 161.8%, Fibonacci range of 108.50 – 128:

From the previous update, biotech IBB, appears to have broken from the crowd. Momentum indicators on multiple timeframes have all lined up to the downside.

Friday’s after-market activity (BigCharts), has IBB down -0.84, on a solid 1,035,712, shares.

If the aftermarket volume is correct (no misprints or errors), it’s equivalent to 25% , of the entire volume for the day’s regular session.

Stay Tuned

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