Saturday, August 09, 2008

$NDX Update for 08.09.2008


Monthly chart shows the uptrend remains intact, as well as the moving average ribbons. Index remains stuck in a trading range. So far, we have a possible higher low, and the bulls are in a hurry to test the prior high made in June 2008.

Weekly chart better shows the trading range, and the higher low made in July 2008. Short term trend is currently up, with the bulls wanting to test the June 2008 high.

Daily chart shows the bulls closing the week over all major moving averages, especially the 200sma. The move off the July low initially looked corrective, so this larger move could be part of a larger corrective pattern.

No comments: