NDX: Weekly Spinning Tops

The NDX daily chart wasn't telling us much so we pulled out to a weekly which gives us a better road map. For the last 3 weeks the candles have been spinning tops in the same price area suggesting indecision on direction. The NDX is currently below the 30MA and 100MA on the weekly, but ABOVE the 200MA on the weekly.

You can see on the chart that if it breaks down further it will likely find some support at the 200MA area which also has some longer term trendline support -- that's the 1725 area.

It appears to be trying to put in a bottom, but the pull backs in NDX heavey weight contributors GOOG and AAPL have put a damper on the NDX rally.

The Biotech sector seems to be the only thing keeping the NDX alive right now as Software, Internet and Semiconductor sectors have all fallen hard this week.

Once those three get a bounce we are likely to see the NDX rally from this area.

NDX Weekly Chart: