NASDAQ 100 INDEX - $NDX
Monthly chart shows the bears have managed to erase more than 70% of the gains made since the low of October 2002. The index remains well below all its key moving averages, especially the 8ema. It also remains well below the down trendline in place. No buy signal/pattern evident on this timeframe.
Weekly chart shows short term support to be holding, as aggressive bulls managed to close the week well above its open. The index remains well below all its key moving averages. No buy signal/pattern evident on this timeframe.
Daily chart shows that while the aggressive bulls managed to take the market up sharply on Tuesday, they were having more difficulty the remainder of the week. Price action indicates consolidation/trading range more likely at this point. However, look to next week's trading activity to determine whether this is a smaller degree consolidation pattern, or a larger degree consolidation pattern. No buy signal/pattern evident on this timeframe.
No comments:
Post a Comment