Market Outlook NDX for Dec 13th '07

Dominant TF: 60mins (and lower)
Swings: DN-UP-UP (from DN-DN-UP)
Market Direction:
Congestion with a lower bias at first.
Has support been found (2062?) ??

Again, this is a perfect environment for intraday traders, All lower time frames have a significance level higher than these ones.

60mins: high volatility - support may be found lower.
Yesterday's commentary was again quite valid.
Now it isn't clear whether support has been clearly found yet. Bars are red, lows are lower... MTFS and Entropy also point down: the bounce we had may have been short-lived at least for now.
MTFS does not look very bearish either so we may have a lower support around 2062, and then more congestion...

Daily: congestion to mildly up
MTFS and Entropy suggest a slowdown, and indeed a stronger bounce on 2062 may be needed to go higher.
One has to be careful though. It would be good to see a Up day, and at least a yellow bar to make sure NDX does not congest a little lower.

Weekly: congested to moderately up
Significance level is low, but NDX is still in its channel, Swing is UP and the weekly bar is not red.