NASDAQ 100 INDEX - $NDX
Monthly chart shows that trader sentiment has changed, with the bulls definitely leading the way. Trading activity thus far March 2009 has resulted in a huge Bullish Engulfing candle pattern. Is this a bear trap? Trading over the next couple of weeks should give better clues.
Weekly chart shows that despite the impressive bullish strength this past month, the index has been stuck in a trading range since November 2008. IF this is indeed a bear market rally, THEN there should be significant resistance into 1400 to 1487 area above. However, the index needs to clear short term key LIS directly above at the 1288 level before it can go any higher.

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