Wednesday, October 10, 2007

Market Outlook NDX for Oct 10th '07


Dominant TF: Daily
Swings: UP-UP-UP
Market direction: UP until ...

60mins: Up, but very overbought.

NDX seems to be heading for the 2188 level now, and no retracement in sight in the short term. Only an influence from SPX may affect this trend to some extent.

Daily: Crazy, i.e. still up.
Nothing seems to be able to stop the trend which seems excessive now.
Levels to watch: 2188 first then 2250. A retracement on 2188 is possible, maybe triggered by economic news or correlation with SPX which is on a test level.

Weekly: UP until resistance is found
AdStoK lines should soon meet, but significance level is so low at this time frame, so this is nothing more than a background information.
One can however notice a divergence, hence there is a possible slowdown on forthcoming resistance and line meeting point.