Technical Picture - Lehman Gap Still Holding as Resistance

Lehman gap is still holding as resistance as we head into the FOMC interest rate decision tomorrow.


AIG was forming a bearish h pattern when I spotted NRIB NR7. Price started to retrace when it retested the morning lows, but the move turned out to be an ambush - 50% retracement of last leg down. Finally, in the last hour it ripped lower on a rumor of a secondary offering.

CNQ gapped and formed a mini inverse H&S pattern. I pulled my stop on the second half at the last minute because the rising 50 SMA was just below. It held as support and price rallied to new session highs, but failed to reach full extension despite the daily breakout to new recovery highs.