Market Outlook NDX for Nov 20th '07

Dominant TF: Daily, but mostly 10 and 15 mins charts
Swings: DN-DN-DN
Market direction: Congestion to down. Behaviour on 2000 will be key.

I repeat the same caveat: Dominant time frames are now shorter intraday time frames , so obviously only users of the TS technique can fully appreciate current dynamics. The 2015.63 support level held, giving bulls some hope the worst is over.
A short term recovery is possible, without affecting the overall direction.

60mins: more or less same trading range with lower bias
Significance level is down again at this time frame, so a divergence is likely to occur. For the time being, the MTFS pattern indicates a trading range with a definite lower bias. NDX should test 2016 again, then 2000. That level is far too anticipated though.

Daily: Possible trading range with lower bias.
MTFS and Entropy both look quite bearish and 2000 somehow has to be tested. We however here have conflicting information arising from the MM level which shows a reinforced support level. The MTFS white line has started showing some inflexion, so there will be some fighting going in and a a trading range with a lower bias is likely at first. Please note that the MTFS pattern has to complete with lines joining almost always in oversold territory. This indicates a potential to go somewhat lower.
Further down the line: If 2000 breaks, we have a possible 1935 target later on. On the other hand, should the latest pivot point hold which is quite possible since 2000 is now strong support, we have our AutoFib showing a potential recovery to levels we have seen recently (target levels displayed on picture).

Note: LEntBin has been momentarily added to the chart. It helps assess the importance of the current drop in Entropy in relation to historical levels. We can see that the current level -5.33 is in fact not so alarming.

Weekly: congestion to mildly down - very low significance level.
We knew we had to watch for that growing divergence, and Entropy peaking. Now, there is still no overall change in direction and this profit taking is only healthy after such a bull run. We have recurrence of the 1935 level, so it could certainly retrace a little more. Speed is however difficult to anticipate in this high vol environment.Again significance level is so low one should not jump to conclusions too quickly.
(Note: Swing's search depth turned to 'refined')