Saturday, August 23, 2008

$NDX Update for 08.23.2008


Monthly chart shows the strength of the bulls as they managed to close the index above both the 8ema and the 34ema.

Weekly chart shows the consolidation pattern that the index has been stuck in since November 2007. The bulls have managed to regain 62% of the last down move from June 2008. This past week saw profit-taking, but the bulls managed to keep the index above all key nmoving averages for the time being.

Daily chart shows the bulls gapped up the open of Friday's trading session in their eagerness to get back into the market. Look for a test of the August 2008 high and for weakness there. IF there is weakness, THEN look for a sell pattern to enter shorts.

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