NDX Levels

I posted an 8 Year / Weekly Chart to get a better perspective on the NDX in relation to it's past pricing action. From this perspective although the index looks like it's trying to put in a bottom, it also looks "heavy" like it wants to retest the 1960 area as some point in the next few weeks. On the weekly it's over extended from the longer term channel and with the bearish tone in the market, some more panic selling could drop it "down to" or "back in" the channel. A bullish Santa Claus rally could head back up to test the 2100 area.

NDX 8 Year / Weekly Chart:



I'll be paying close attention to the green uptrend line drawn from Nov 13 through Friday and will turn pretty bearish short term if it closes another day below that line.

NDX 1 Year / Daily Chart:



The NDX 15m Chart has been consolidating into a pennant formation. We'll have to see what price action Monday brings and to see if it's able to break out to either the top or bottom. Top resistance target should be 2080 and bottom support should be 1980.

NDX 20 Day / 15 Minute Chart: