Saturday, January 31, 2009

$NDX Update for 01.31.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place.

Weekly chart continues to show weakness with the index remaining below all key moving averages on this timeframe.

Daily chart continues to show weakness with the bulls unable to take the market back up above the January 2009 high. Despite some initial bullish optimism and momentum as the bulls gapped up the market open on Wednesday, this soon fizzled and the bears managed to erase the entire week's gains. A lower high is now in place. Look for a test of the November 2008 low and key LIS before lower still.

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