Thursday, January 17, 2008

NDX: Down, But Not That Bad...

The NDX fell today, but not as hard as the others. Looking at the chart it appears to have found some temporary horizontal support here at 1842. The only thing that bothers me is that it breached 1846 which was the previous low from August. A couple points may not seem like a big deal as support areas are a "range," but from my experience they are often significant and something I should pay attention too. When I look back at these charts and I see that a trendline was breached by "just a little bit" a month ago, it really foretold the upcoming bigger move. The charts are always giving us hints, we just really need to pay attention.

NDX Daily Chart:

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