CBOE Holdings (CBOE) had a recent reversal to the downside and could continue lower to test an important moving average. The "grade" it gets on this moving average test is important.
In this daily chart of CBOE, above, if you look at the most recent price action at the right side of the chart, you should be able to notice a quick rally to $71 and then a sharp down move under $67. The pattern of trading since early July could be broadening. The swings are wider and wider until prices either continue higher or reverse to the downside. IF CBOE has already reversed downward, then we might decline to $63. If this recent move down was the last point of this broadening pattern, we could turn higher and this pattern would be a continuation pattern. In other words, the uptrend before the pattern is continued after the pattern. The neutral On-Balance-Volume (OBV) line the past three months is not giving clarity, but the weakening momentum study in the lower panel is a vote for a breakout to the downside.
In this three-year weekly chart of CBOE, above, we can see prices are above the 40-week moving average line but the line has turned flat the past six months. While the OBV line is positive, the MACD oscillator is about to cross to a new liquidate-longs sell signal.