CME Group (CME) has been forming a head and shoulder top for the last year while the market has been rallying higher. The stock sliced through the neckline in heavy volume back in April and has been digesting that sell off ever since. It has attempted to rally back above the fifty day moving average three times with no success. The first two attempts were in below average volume and recently the stock has been stalling in heavier volume...no price progress. A decisive break, in heavier volume, below the fifty day moving average, could see the stock fall to new fifty two week lows and next support levels in the low to mid $60's. Protective stops should be placed around $72 to protect from major losses.
Full Disclosure: Hold Position
Full Disclosure: Hold Position
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