NASDAQ INDEX - $NDX
Monthly chart shows a 3 wave abc and 1:1 pattern in place. No buy signal/pattern in place. Look for further weakness in the weeks ahead and a test of the uptrend line in place.
Weekly chart shows index to have fallen below up trendline in place. No buy signal/pattern in place on this timeframe. Look for continued weakness.
Daily chart shows index to be trading below all key moving averages and below the down trendline in place. No buy signal/pattern evident on this timeframe. There is a possible consolidation, bear flag pattern forming. IF this is a bear flag, THEN look for lower, and a test of the August 2007 low.
Sunday, January 13, 2008
$NDX Analysis for 01.13.2008
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