Saturday, February 21, 2009

$NDX Update for 02.21.2009


Monthly chart remains bearish with market in consolidation with a bear flag pattern in place. Look for eventual break lower.

Weekly chart shows the continued weakness of the index. Loo for continuation lower.

Daily chart shows that traders were in a rush to exit their positions at the open of Tuesday's trading session, creating a gap down which remains to be filled. Look for continued weakness and the minimum downside target to be the .786 fib level of 1077 area.

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