NDX Levels

After showing some amazing strength from Aug through October, the Nasdaq 100 has continued to lose it's luster over the past 10 weeks. Recent attempts to move above the 2140 area have failed.

The NDX closed just above longer term trendline support but created a doji candlestick on the daily chart signifying indecision of the market at this level. If history repeats itself there could be some consolidation in this area and then a quick bounce to to the upside off this support. Should there be a confirmed break of this support area, the possibility of a bigger sell off would exist. (Take a look at the $SOX chart to see how quickly trends can change).

Note how well the NDX has stayed in it's longer term channel.

NDX 2 Year / Daily Chart:



NDX 60 Day / 60m Chart: