$NDX Update for 03.01.2008

NASDAQ INDEX - $NDX

Monthly index shows continued weakness, and increasing selling pressure. Look for the up trendline in place to break. Eventual downside target is the .786 fib level at 1106.37.

Weekly chart shows the index spent the month of February 2008 in consolidation before the next leg down. Look for continued weakness and a break of the current low and support of 1692.50 area.

Daily chart shows increasing selling pressure on Friday as the bears gapped down the open and sold off into the close. Look for continued weakness and a break of the low.