Market Outlook NDX for Dec 14th '07

Dominant TF: 60mins (and lower)
Swings: DN-UP-UP (from DN-UP-UP)
Cycles: long cycle pointing down - low significance level
Market Direction:
Congestion with a lower bias at first.
Has support been found (2062?) ??

Again, and sorry to repeat myself: this is a perfect environment for intraday traders. All lower time frames have a significance level higher than these ones. In addition, the environment is about the same as the day before.

60mins: congestion to lower bias.
Yesterday's commentary was again quite valid.
A support may have been found, yet there is still a bit of negative bias in MTFS and Entropy. The half-way MM level which looks like a support level right now is the well known 'stall' level. The fall was however not quite fast enough to justify it, so it is likely that a stronger base will be found lower (2062?). The uncertainty comes more from this 'drift' situation showing a lack of internal dynamics.

Daily: congestion at first
MTFS and Entropy suggest a slowdown, so some congestion ahead is likely. A second red bar may suggest we need a stronger support level to go higher.

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