Sunday, December 02, 2007

$NDX Analysis for 12.02.2007

Monthly chart shows a possible 1:1 abc three wave pattern into current resistance. November's price action produced a red candle with a close above the 8ema. Uptrend remains intact currently.

Weekly chart shows uptrend remains intact. Bulls managed to close the index above the 8ema, but current resistance is right at the mid-point of a large red candle.

Daily chart shows that Friday's price action saw buyers gapping up the open where they found immediate selling. We are now stuck in a range. Next week's trading should provide clues as to which way the market is headed.

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