NDX Would Like to Thank CISCO

The NDX saw some nice gains after Cisco's earnings were deemed positive by the markets. Notice that the NDX tested and successfully held at the 1912 level after 3 trys. On Tuesday it broke the downtrend on the 30 minute chart, but later fell below the uptrend line that afternoon before finding some later afternoon buzz to make it back up to the uptrend line.

Today (Wednesday) the NDX gapped up and closed the afternoon right at the trendline again.

Earlier today the NDX bumped into some horizontal resistance at the 1995 area. The next Fib target to the upside will be just over 2000.

The NDX is making some lofty swings in both directions so there is a lot of oppotunity, but proceed with caution as the reversals can be quick and violent.

NDX 20 Day / 30 Minute Chart