Several months ago technical analyst Chris Kimble identified the Nasdaq 100 as the leading index in setting the pace for recovery from the 2009 lows. Last month he began noticing a possible topping formation. Here's an audit trail of his analytic skills followed by his latest remarks.

• A Nasdaq 100 Pattern in the Making? (May 27)
• Nasdaq 100: Are We There Yet? (June 1)
• Nasdaq 100 Tipping Point? (June 7)
• "No Respect" Could Be Painful! (June 12)
• All Dressed Up and Ready to Go (June 15)
• The Nasdaq 100 Pattern Stretch (June 16)

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Chris comments: I've been building the case for weeks that the Nasdaq 100, which has been a market leader, could be forming a text book "Head and Shoulders" pattern.

Do those shoulders look exactly the same NO! Look pretty darn close to text book? You be the judge!