NASDAQ 100 INDEX - $NDX
Monthly chart shows continued weakness index well below all key moving averages and the down trendline in place. While the $INDU and the $SPX have both broken their 2002 lows, the Nasdaq Index has not. No buy signal/pattern evident on this timeframe.
Weekly chart continues to show bearishness with index well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.
Daily chart shows the index remains weak, with the bears managing to break the small LIS and prior support of 1136.61. Index remains below all key moving averages and the down trendline in place. Price remains stuck in consolidation/trading range. Once consolidation is complete, look for continuation lower, with first downside target at the 1.27 fib area of 948ish.
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