I wouldn’t go as far to day that it is a head and shoulders pattern on Boeing (BA) because if it is, that left shoulder is pretty dilapidated, not to mention the right shoulder as well. But there is a clear line of support between $125.00 and $125.80 that if price can push through this area to the downside, then we may see the likes of other defense companies like Northrop Grumman (NOC) and Lockheed Martin (LMT) follow suit (they are actually already selling off with NOC just not as badly). 
Let’s be frank though, these defense stocks have had a nice run, you shouldn’t feel guilty about pulling in some profits at this point. It is beyond the point of trimming back your exposure in these names.
For the purposes of a chart, I am going to focus solely on NOC since their chart seems to be of the most interesting. Call it an H&S pattern if you want, I won’t blame you, but what should be noticed first and foremost is the heavy resistance it has faced in trying to break through the 200-day moving average followed by the key support in the $125’s.
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