NASDAQ 100 INDEX - $NDX
Monthly chart shows continued bearishness with index trading well below all its key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.
Weekly chart shows continued bearishness with index well below all its key moving averages and the down trendline in place. Despite the support made in November 2008, the index just can't seem to get any traction to the upside. The pattern being traced out by price indicates consolidation/trading range, and once consolidation is complete, the next move will be lower.
Daily chart shows the index remains stuck in consolidation/trading range. Once consolidation is complete, look for continued downside momentum to take the index to break lower. First target is at the 1.27 fib level of 947.73
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