Saturday, March 29, 2008

$NDX Update for 03.29.2008


Monthly chart shows indecision between the bulls and the bears. No buy signal/pattern evident on this timeframe.

Weekly chart shows that last week's trading activity created a shooting star candle pattern. The bulls tried to take the index higher, but were soon overcome by the bears, and closed the week near its open for the week.

Daily chart shows an abc 3 wave corrective pattern thus far. Selling pressure came back into the $NDX stocks towards the end of the week. IF this is wave 4 consolidation/trading range, THEN look for lower low to complete wave 5.

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