$NDX Update for 02.09.2008

NASDAQ INDEX - $NDX

Monthly chart shows continued selling. Support remains at the up trendline in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading activity gave back all the gains of the prior week. No buy signal/pattern evident on this timeframe.

Daily chart shows a test of the January 22nd low, where early bulls stepped back into the market on Thursday and Friday. In order for this index to go higher, it needs to clear the current resistance at the 1865 area. If there is resistance there, THEN look for sellers to appear and for the index to see a lower low. Thus far, it looks like the index is stuck in a consolidation range for the next leg down.