$CMG painted what looks to be the start of a new pullback on the weekly, and showing no conviction bulls are ready to test the all time highs. Makes perfect sense given how PPS smacked its head at the prior swing high monthly close of $418.
In the last hour of the week we started to see a repeat of the Friday open, with $CMG selling off again with increased volume, and again testing and briefly breaking the sell-if $408 mark. With the corp buyback program off line, we got the final rejection of the prior bullish harami buy-if, but did not close below $408 so did not get the sell confirmation of yesterday's Bearish Harami Cross sell-if (the close below $408) but the Sell-if is still active for Monday.
As a reminder, we a Bearish Harami Cross sell-if (the close below $408 confirms the sell). Otherwise, waiting for a new technical pattern.
Meanwhile, we have new 52wk high breakouts everywhere. $ACAD & $AKAM are just to mention a few names we are long that today have set new 52wk highs. Other names like $FSYS and $LNG are extending bull flag breakouts.
But $CMG? Looks fatigued and lifeless. The question today is how long can $408 hold? Then it will be is this the week she closes below $400?