NDX with the Strength Again

Although today seemed a little bearish on the NDX, take a look at the chart.

First we must remember that the NDX just went on a 4 day rally that covered 132 points from the high (2032) to the low (1900) WITHOUT a single pause until today, AND today closed ABOVE yesterday's lows. This is a bullish index and at this point today's action was a much needed little pullback from that monsterous move up.

I left my original upward trendline on this to show you how steep this move up has been and how the prices to this point have tried to hug that line. If the NDX does fall again, keep an eye on the 1962 area which is the 61.8% Fib area. If it can hold above that level the probabilities are better for a continued rally to test the old highs.

NDX Daily Chart