Tuesday, July 6, 2010

NDX - Weekly Market Thought 05072010

Broke last week ascendent trend at 1810. That fact is bearish  and below 1860 weekly chart we will follow a bearish view.
Below 1860 weekly chart have the same target that i mention last weeks, expect test range [1656,1680].
MACD indicator neutral area if hold next week above 1656 and most important above 1628 will suggests that a temporary bottom is in place. Hold above 1628 risk profit/loss give us some appetite to long positions with a stop 1628 daily chart ( close below) or 1580 weekly chart ( close below) depend of your profile.
Close weekly below 1628 risk more damage target 1450 next suport area.
Resistence: 1820, 1861 and 1940 Suport: 1716 and range [1656,1680]
More thoughts indexes  and more thoughts forex.

Click to zoom in. Good luck folks.
NDX - Weekly Chart


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