Thursday, September 20, 2007

Market Outlook NDX for Sep 20th '07


Dominant TF: Daily
Swings: UP-UP-UP
Market direction: neutral to mildly UP.

60mins:
NDX is aiming at 2062 but understandably has difficulty passing July highs.
Entropy is historically high so should peak shortly.
To go higher, some support will have to be found first, probably on 2031, but should there be substantial profit taking, which is very unlikely: 2016, or maybe even 2000.

Daily:
Entropy is weakening indicating a possible pause in this bull move. AdStoK remains very bullish so there should not be any serious retracement going forward.

Weekly:
AdStoK does not quite seem to follow price action, and Entropy is quite weak.
One should perhaps be cautious about a possible double top, but no panic just yet...