Friday, May 09, 2008

$NDX Update for 05.09.2008

NASDAQ INDEX - $NDX

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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