NDX Update

With today's Fed Announcement came the ususal whipsaws and the NDX took the lead to new intraday highs after the Semiconductor index found some fib line support and rallied. There was a whipsaw or two thrown in there, but in the end the bulls won the battle today. Notice though that we are still in a bit of a limbo land just sitting on the upward trendline that started on Monday. Last time we got stuck in an area like this we fell the following day, We'll see what tomorrow holds for the NDX.

Watch tomorrow to see if it can hold the uptrend line as that would be key for a bullish follow through. Look to go sideways if it gets stuck between the Green uptend and Red downtrend line, and start feeling bearish if we fall below the Red downtrend line again.

If up tomorrow then a 38.2% Fib target would be 1988 (the 200MA on the 30m is in the same area for additional resistance)
If down then first level of support might be the 23.6% fib at 1947

RUT 20 Day / 30m Chart