Saturday, July 10, 2010

NDX - Weekly Market Thought 10072010

Broke two weeks ago ascendent trend at 1810. That fact is bearish and below 1860 weekly chart we will follow a bearish view.
Close this week at 1815 and test trend line that had broken two weeks ago.
Next week still alert if market can`t stay long time above first 1815 minor resitance and above 1860 major resistance short-term .
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 will suggests that a temporary bottom is in place.
Hold above 1656 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.
- Bearish view short-term below 1860 weekly chart
- Bullish view medium and long term above 1628 weekly chart
Resistence: 1820, 1861 and 1940.
Suport: 1628, range [1656,1680] and 1716.
More thought index here and about forex here
Click to zoom in. Good luck folks.
NDX - Weekly Chart


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