Sunday, February 15, 2009

$NDX Update for 02.15.2009


Monthly chart shows the index remains below all key moving averages and the down trendline in place.

Weekly chart shows that backend support seems to be holding for the time being. The bulls managed to give back some of their gains made the week before. Is this just profit-taking as the market tests the prior high, or is this renewed selling?

Daily chart shows a double top in place in the short term. Is this just profit-taking taking, or renewed selling. Price action looks to be corrective, and IF this is so, THEN look for eventual lower lows.

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