Sunday, December 14, 2008

$NDX Update for 12.14.2008


Monthly chart shows index remains well below all key moving averages and the down trendline in place. Bottoming tails on the last three candles shows short term support is in place. However, the bulls can't seem to get much traction to take the market higher, despite the short term support being in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading session resulted in a doji candle pattern, indicating indecision between the bulls and the bears. Index remains below all key moving averages. No strong buy signal/pattern evident on this timeframe.

Daily chart shows suport term support in place. While the market is making higher highs and higher lows, the price action indicates consolidation/trading range pattern being traced out. Look for major resistance to be at the October 14, 2008 high.

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