The NDX chart is a mess. This wild bronco will be great to ride once it picks a direction, but the daily chart isn't giving me a clue right now. The NDX created a "High Wave Doji" candle today which is indicative if extreme indecision.
The Internet, Biotech, Software and Semiconductors sectors that drive the NDX are all heading in different directions too which is creating havoc with the index.
I will be patient and wait for some better entry signals. I'd like to see the sectors above start to move in unison.
In the mean time this may be a profitable index to trade intraday if you have a good system for it. (money management, stops, smart targets, etc.)
NDX Daily Chart:
Monday, July 7, 2008
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