Market Outlook NDX for Sep 17th '07

Note:

The AdStoK_MTF indicator is now substituted for AdLag64StoK_MTF which is smoother, but sligtly back-adjusting. Only the last pattern over the last 64 bars is displayed.


Dominant TF: 60mins
Swings: UP-UP-UP
Market direction: Up to Neutral.

60mins:
The recovery stopped close to Fib PR2 (61.8%) as well as MM pivot, and has been hovering within a fairly tight range for a few days. AdStoK is fairly strong, but Entropy has now turned about negative.
What next now??? After the Fed announcement on Monday, it can certainly go both ways, but there is still a positive to neutral bias ahead of the news.

Daily:
Upward bias given by AdStoK, and Entropy is still strong, even though declining a bit. The market is driven by levels right now, and thus will probably move to the next fractal level upon the Fed announcement.
Possible range: 1980 to 2025, then 2025 on the up side.

Weekly:
Ahead of the Fed on Monday, there is some minor upward bias left, but it could just as well be a return to the bullish trend than a double top...