This is where any IT rally will end

Do you remember the following chart? It is the normalized index chart I have been posting a while ago. Here is what this chart was like two months ago or so. Well it is now unrecognizable because we crashed so deep that the H&S formation now looks small overall. H&S target was broken and now acts like resistance. This resistance is where any IT rally will end.






And following is a daily PC ratio indicating that OEX folks bought puts yesterday getting ready for a sell off but read the explanations on the chart. Devil is in details.


Following is 10DMA charts of the PC ratios. 10MA of CBOE indicates we hit the spot again.