Wednesday, January 02, 2008

Market Outlook NDX for Jan 2nd '08


Dominant TF: 60mins & also Daily
Swings: DN-DN-UP
Cycles: long cycle turning down - low to average significance level
Market Direction: upper half of trading range [2000 - 2125 ] congestion possible but lower bias is likely at first

Happy New Year to all!!
I'm sure you haven't missed my snapshots over the festive season, as the market was quite easy to read. We have seen mostly red bars on the dominant 60mins time frame, until NDX reached Fib PR1. Now what's next? We have closed 2007 on a soft landing on a predictable level, but new energy is needed now to determine a direction.

Regular daily snapshots will resume tomorrow