Even on a casual glance I can see that MQG is looking distinctly bearish, breaking below support this week in the $85 - $86 region as shown in my chart and on heavy volume.
This has occurred after putting in a multi-month head and shoulders looking pattern (the longer the duration the more bearish implications). Pattern aside we can see a double top and a lower high coming off the May 2017 top.
My outlook is given the length of the distribution there could be a sizeable correction to unfold. In addition, the Financial sectors as a whole are looking rather weak.
I would anticipate a possible attempt at a rally soon back towards the resistance zone before further weakness sets in.
