Saturday, March 21, 2009

$NDX Update for 03.20.2009


Monthly chart shows short term support holding for the time being. Index remains below all key moving averages. IF the bulls can manage to hold this low, THEN we have a possible buy signal/pattern developing.

Weekly chart shows that the upside momentum fizzled towards the end of the week. The price action for last week's trading session resulted in a doji/shooting star candle pattern.

Daily chart better shows the selling off towards the end of the week as quadruple witching grinds to a finish. Currently, the price action seems to be tracing out a consolidation pattern. The bulls need to regain the upside momentum and climb above the February 2009 high in order to convince the bears that a key low has been put in place.

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