Friday, September 14, 2007

Market Outlook NDX for Sep 14th '07



60mins:
AdStoK is still looking good, while Entropy is weakening.
This causes NDX to be stuck in a narrow trading range around key pivot levels (1998 - 2000).
Nothing to expect in the short term: continuation of the same trading range with an upward bias for now.
Max retracement: 1981
Max breakout: 2025 - 2031

Daily:
Same analysis, with slightly stronger upward bias, subject to the current resistance level.
The upward potential is higher, maybe up to the July highs (could take just a couple of days after the Fed Announcement on Monday).

Weekly:
Take cues from lower time frames to assess which direction NDX will follow, i.e. breakout of current resistance to go higher.... or double top... ?

For the time being, all Swings are up.