Saturday, December 15, 2007

$NDX Update for 12.15.2007

$NDX - Nasdaq Index

Monthly chart currently shows more strength for the month of December than both the $INDU and the $SPX. Index currently remains above all key moving averages.

Weekly chart shows selling presssure evident all last week. Uptrend remains in place -- so look for break of this line to confirm change in trend.

Daily chart shows corrective retracement to the .618 before selling pressure showed up once again. Friday's price action saw bears gapping down the index at the open, with a weak attempt by the bulls to take it up higher. Although the bulls closed the gap, they were quickly overcome by selling pressure as bears took it back down near the open for the trading session. Look for continuation downward next week.

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