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Looks like the over-extended bull-run in the RR sector is about to be derailed. CP is one of my favorite shorts in the group and providing what looks like a very objective short entry on today's earnings-induced wedge overthrow (a event typically followed by a sharp move back inside the wedge & a subsequent breakdown of the pattern).
There's quite a bit of positive divergence this morning and on NDX / NQ, this is a very significant level with a strong reversal setup. I posted the chart below on twitter last night showing NQ having made the H&S target yesterday, stalled there at strong support, and the W bottom setup if NQ can manage to get back over 2695. This really is a strong reversal setup and it's worth watching carefully to see what happens here:
