Market Outlook NDX for Sep 19th '07

Dominant TF: Daily (or intraday < 30mins)
Swings: UP-UP-UP
Market direction: mildly UP.

60mins:
The Fed rate cut helped NDX break levels happily to pass the important 2000 MM level, to reach a Fib level close to 2040. AdStoK is quite bullish (although overbought), but while Entropy could keep growing, it may in fact peak soon.
Major resistance level is now 2062 which is higher than July highs! Some support will have to be found first, either 2031, 2016, or maybe even 2000.

Daily:
The extraordinary move we've had is not quite accompanied by a stronger Entropy. The rate cut should however translate into a higher trading range now: 2000 (possibly 1980) to 2040 (possibly 2055).

Weekly:
Even after this rate cut, there is only some minor upward bias left (Entropy), so it could just as well be a return to the bullish trend than a double top...
This time frame is not very significant right now, so one should take cues from the daily chart for now.