$NDX Update for 10.04.2009

NASDAQ 100 INDEX - $NDX

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.

$NDX Update for 05.17.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows the bears managed to erase any gains made by the bulls at the start of the month so far. The bulls managed to find support right at the 8ema. Will they be able to hold onto it?

Weekly chart shows second week of weakness and increasing selling pressure. Bulls found resistance right at the 54ema. Look for continued weakness and a retracement of the entire move up from the March 2009 low and possibly the November 2008 low.

Daily chart shows continued weakness and profit-taking right at the 1.618 fib retracement level. The bears managed to close the week with the index below 8ema and the 200sma, as well as a break below the up trendline in place. Look for continued weakness and a retracement of the entire move up from the March 2009 low and also the November 2008 low. Price action in the next week or so should better reveal whether this is a breather before the next move up, or whether the top has been put in before we head to a lower low.

$NDX Update for 04.10.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows aggressive bulls stepping into the market with the low made in March 2009.

Weekly chart shows the bulls managed to close the index above the 8ema and the down trendline in place.

Daily chart shows that aggressive bulls gapped up the open of Thursday's trading session in their haste to enter the market. The CCI momentum indicator shows that this last move to the high was made with regular divergence. Look for signs of weakness and profit-taking into next week.

$NDX Update for 03.29.2009

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.

Daily chart better shows the current key LIS and short term resistance at the 1288 level. Aggressive sellers gapped down the market at the open of Friday's trading session, in their hurry to take profits. IF we get follow through with selling pressure, THEN look for a retracement of the entire move up. One thing to note is that there is a possibility that the index is stuck in a wave 4 consolidation pattern.

$NDX Update for 03.20.2009

NASDAQ 100 INDEX - $NDX

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.

$NDX Update for 03.15.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows the November 2008 support holding, with aggressive bulls stepping back into the market with a re-test of that support level. Look to lower timeframe charts to look for long entries should this buying continue.

Weekly chart shows that last week's trading session resulted in a bullish engulfing candle pattern, indicating that trader sentiment has changed from down to up, at least in the short term. On this timeframe, a higher low has been made, and so long as this low holds, we should see further upside movement.

Daily chart shows that a higher low has been put in place, and aggressive bulls have been stepping back into the market, taking the index higher, and at a minimum, to retrace the last move down from the February 2009 high. Instead of the bullish butterfly pattern being played out, we have bullish gartley butterfly pattern in place, indicating that, at least in the short term, the price movement should be up. First upside resistance area is the .618 fib level then the .786 fib level.

$NDX Update for 03.06.2009

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

$NDX Update for 02.28.2009

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.

$NDX Update for 02.21.2009

NASDAQ 100 INDEX - $NDX

Monthly chart remains bearish with market in consolidation with a bear flag pattern in place. Look for eventual break lower.

Weekly chart shows the continued weakness of the index. Loo for continuation lower.

Daily chart shows that traders were in a rush to exit their positions at the open of Tuesday's trading session, creating a gap down which remains to be filled. Look for continued weakness and the minimum downside target to be the .786 fib level of 1077 area.

$NDX Update for 02.15.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows the index remains below all key moving averages and the down trendline in place.

Weekly chart shows that backend support seems to be holding for the time being. The bulls managed to give back some of their gains made the week before. Is this just profit-taking as the market tests the prior high, or is this renewed selling?

Daily chart shows a double top in place in the short term. Is this just profit-taking taking, or renewed selling. Price action looks to be corrective, and IF this is so, THEN look for eventual lower lows.

$NDX Update for 02.08.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows index remains well below all its key moving averages for this timeframe. It also remains below the down trendline in place.

Weekly chart shows the bulls showed up in force, taking the index back up to close well above the 8ema. A short term buy signal/pattern is event on this timeframe.

Daily chart shows the bulls managed to come out the past week. Current resistance is the January 2009 high. Look for signs of profit-taking at this level. IF the bulls can manage to take the market higher, THEN look for the .786 fib level as the initial upside target.

$NDX Update for 01.31.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place.

Weekly chart continues to show weakness with the index remaining below all key moving averages on this timeframe.

Daily chart continues to show weakness with the bulls unable to take the market back up above the January 2009 high. Despite some initial bullish optimism and momentum as the bulls gapped up the market open on Wednesday, this soon fizzled and the bears managed to erase the entire week's gains. A lower high is now in place. Look for a test of the November 2008 low and key LIS before lower still.

$NDX Update for 01.25.2009

NASDAQ 100 INDEX - $NDX

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Weekly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in a trading range since the low was made on November 21, 2008. Look to next week's trading session to see whether the bulls want to make a run to re-test the January 6, 2009 high.

$NDX Update for 01.11.2009

NASDAQ 100 INDEX - $NDX

Monthly chart remains well below all key moving averages with no buy signal/pattern evident on this timeframe. Look for continued weakness.

Weekly chart shows the bears managed to take the index back below its 8ema. No buy signal/pattern evident on this timeframe at this time.

Daily chart shows 5 waves up into last week's resistance high. Look for retracement of the whole move up off the November 2008 low. First downside target is at the .618 fib retracement level.

$NDX Update for 01.03.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows that the December's trading session ended with a spinning top candle pattern, indicating indecision between the bulls and the bears. While a tradeable bottom is currentlyin place, the index remains well below all of its moving averages on this timeframe.

Weekly chart shows the bulls managed to close the week well over its 8ema. Look for consolidation/trading range over the next few weeks, with the .382 fib retracement level as the first upside target.

Daily chart shows possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

$NDX Update for 12.27.2008

NASDAQ 100 INDEX - $NDX

Monthly chart continues to show no buy signal/pattern on this timeframe.

Weekly chart shows the bulls were unable to hold their ground, anad managed to let the bears close the week lower than the week before.

Daily chart shows continued weakness, with the bulls unable to gain much traction to the upside, despite being able to maintain short term support.

$NDX Update for 12.21.2008

NASDAQ 100 INDEX - $NDX

Monthly chart remains bearish, with no buy signal in place on this timeframe.

Weekly chart shows indecision between the bulls and the bears, as the last three trading weeks trading activity resulted in a hammer, doji and spinning top.

Daily chart shows the bulls were unable to gain any traction all week.