Sunday, November 30, 2008

$NDX Update for 11.30.2008


Monthly chart remains bearish, with the index well below all its key moving averages.

Weekly chart shows short term support in place, with the bulls managing to regain ground lost to the bears the week before. No buy signal/pattern evident on this timeframe. Need to see continuation of upside momentum next week to see a tradeable bottom in place.

Daily chart shows short term support was found off a 1.618 fib level area. Need to see the bulls take the index well above the current key LIS and s/r directly above for a tradeable bottom.

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