Double Top or Reloading?

Well Traders...an interesting day to say the least. The $NDX laid siege to my "Great Wall of $1750" and breached easily in the early going. Then the market laid siege to "Helm's Deep" and went as high as $1760 before the Hun were repelled once again.

I LOVE the fact that my resistance points while breached intraday, have held their ground, just as I set up with my trade. As you will notice, the falloff was pretty good today. The index is still within its Ascending Channel, so while today was Bearish, the overall trend remains Bullish.

You will also note that the STO is Overbought and has begun heading down. That is even better for the Condor as more downward pressure will start increasing my profits. I did notice that even with the early morning upward pressure, the "loss" was not increasing that much meaning that the Bull Put was keeping pace and the increase amount wasn't enough to affect the overall trade due to the distance to the Bear Call.

I would LOVE for another down day before the weekend which will give me two "free" days in which to burn off time value.

This may also be a "Double Top" pattern formation. Here is the one-year chart on the $NDX:

If this is indeed a Double Top, then we are at the beginning of a pretty major index decline on the $NDX. Personally, I'd be happy as a clam if it just started trending between my two horizontal support and resistance levels. That would make trading this pretty sweet! On the downside, this could just be a reload in the channel preparing for another run up. We'll see.

Happy Trading!