Saturday, February 02, 2008

$NDX Update for 02.02.2008


Monthly chart shows January sell off found short term support off the up trendline in place. No buy signal/pattern on this timeframe.

Weekly chart shows early buyers stepping back into nasdaq stocks the last 2 weeks of January. The current low needs to hold in order for more upside potential. No clear buy signal/pattern evident on this timeframe. The last 2 weeks shows at the very least, that the sell off has ended. Be on the look out for the clear buy signal/pattern to confirm that the low has been put in and for higher highs to be made.

Daily chart shows the short term support off the 1.27 fib level, where early buyers stepped back into the nasdaq stocks. Friday's price action indicates hesitation betweenthe bulls and the bears. Watch next week's price action for clues as to direction. There is still the possibility that the market is consolidating before the next leg down.

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