Friday, May 09, 2008

$NDX Update for 05.09.2008


Monthly chart shows bulls managed to take index up and close above the 8ema.

Weekly chart shows that while the NAZ was the only index to make a new high this week, the bulls were unable to hang onto it, as they were met with profit-taking and selling pressure.

Daily chart shows relative strength as the bulls managed to hang onto half the gains made the week before. Next week should be interesting - will the bulls manage to make more gains, or will there be more profit-taking?

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