Sunday, May 04, 2008

$NDX Update for 05.04.2008


Monthly chart shows bulls took the index up above the 8ema. Look for test of the October 2007 high.

Weekly chart shows bulls took the market up to close above all key moving averages. The bulls have regained over 50% of the ground lost since the drop from the October 2007 high.

Daily chart shows the bulls gapped up the open on Friday, only to sell off early in the morning. Despite the profit-taking, the bulls managed to close the trading day above Thursday's close, and also the 200sma.

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