Market Outlook NDX for Dec 17th '07

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

60mins: congestion to lower bias.
Like for RUT and SPY, NDX will have to test the next 2062 support level (Fib + MM) but should there some acceleration on the down side, NDX being generally quite volatile, a support around 2050 is also possible.
For the time being, one should not try and read what is not in the prices yet, and congestion with continuation of this drifting situation is a more likely scenario.

Daily: moderately lower
MTFS and Entropy are slowing down further, so some NDX will continue drifting until the next support level. Note that there is no negative energy just yet, so this is not a reversal situation.

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