NDX Levels

The NDX like the other index charts is running up to resistance levels that technically look pretty convincing. However, only the price action can lead us to a conclusion of which way it will actually go.

On Oct. 31st with the news of the rate cut, many got what they thought was the green light to put on bullish trades only to be sadly disappointed the following day when the big November fall was initiated. Tomorrow and Wednesday will likely be another mind game where the obvious may or may-not be the direction the market decides to head.

Arguments on the charts can be made for both camps so we're in the same position again where we'll just have to wait and see.

NDX Daily Chart: