NDX: Choppy Sideways Mess

Had to pull out to a weekly chart again on the NDX and as you can see it's still as the title suggests, "A choppy sideways mess."

The charts are gives us no hints as to where this thing is going and as you can see this weeks trading created another spinning top in the same area as the last 2 weeks priot.

Semiconductors, Software and the Internet sectors are all still bleeding, and although the Biotech sector has been on fire it's not enough to lift the NDX.

Of note, as mentioned in a separate post, the Internet Sector closed below the 200MA on the weekly chart for the FIRST TIME IN HISTORY. Granted the index is only about 9 years old, but it's significant to understand the ramifications.

NDX Weekly Chart: