Saturday, January 19, 2008

$NDX Update for 01.19.2008

NASDAQ INDEX - $NDX

Monthly chart shows increasing momentum to the downside. Look for test of up trendline in place and then a break eventually. Looking for at least a .618 fib retracement target based on pattern in place.

Weekly chart shows medium term up trendline in place has now been broken, so look for at least the .618 fib level of the last leg up.

Daily chart shows very well the short term downtrend remains intact. Look for continued weakness in the week(s) ahead and for a break current support.

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