Sunday, January 11, 2009

$NDX Update for 01.11.2009


Monthly chart remains well below all key moving averages with no buy signal/pattern evident on this timeframe. Look for continued weakness.

Weekly chart shows the bears managed to take the index back below its 8ema. No buy signal/pattern evident on this timeframe at this time.

Daily chart shows 5 waves up into last week's resistance high. Look for retracement of the whole move up off the November 2008 low. First downside target is at the .618 fib retracement level.

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