Sunday, October 04, 2009

$NDX Update for 10.04.2009


Monthly chart shows the bulls managed to pull the index up above all the key moving averages on this timeframe. The low for this index was actually made in November 2008. The march low was a higher low, from where the bulls managed to retrace almost .618 of the total drop from October 2007.

Weekly chart shows the current high was made with regular divergence seen in the cci Momentum indicator.

Daily chart shows a sell signal in place with a lower high made on September 28, 2009. Look for continued weakness and a possible deeper retracement to take place.

No comments: