Sunday, October 26, 2008

$NDX Update for 10.26.2008


Monthly chart shows the index trading well below its 8ema on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart shows this index made a lower low this past week, unlike the $INDU and the $SPX. No buy signal/pattern evident on this timeframe.

Daily chart shows the bears gapped down the open of Friday's trading session, where they found aggressive bulls stepping back into the market once a lower low was made. However, at the day progressed, they managed to give back some of their gains, as the bears managed to close the day, off its high. Current resistance is at 1470.99. The bulls need to clear this hurdle in order to see much higher. Looks like consolidation/trading range before next leg lower.

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