Semiconductors, Heads & Shoulders

If you're no longer expecting a Nasdaq100 breakdown, then here is the classic H&S formation on the Philadelphia Semiconductors Index (whose components include the giants of this year's tech rally). Will a break below the SOX neckline help drag down Nasdaq100 below 14800? Tonight's Apple event and tomorrow's US CPI release are among the powerful drivers for what's to come next. But I suspect the indices won't resolve themselves before the FOMC meeting. We've been short NDX (US100) w/ the Whatsapp Bdcst Group since late last month. 

Click To Enlarge