On the left hand, the NDX hourly chart and, as we reach the target zone of 1350/60 the hourly charts counts to 12, so the top of the current upleg has been reached. We will see a pull back next week of at least half the distance (100 points) it made up but 1200 is also likely. The way we drop towards the election will show what count we need to choose finally. As this is the first week out of 5, we close within the weekly Bollinger. Let's see if the SPX can also break the pattern of not being able to make 2 consecutive gains, which it never did in October so far, but with financials very strong on window dressing day it might work out. So we have some game changing price action but nevertheless wave A up comes to an end and wave B down is due next week. We see after the close what the market is up to.
Friday, October 31, 2008
NDX/market technical update
On the left hand, the NDX hourly chart and, as we reach the target zone of 1350/60 the hourly charts counts to 12, so the top of the current upleg has been reached. We will see a pull back next week of at least half the distance (100 points) it made up but 1200 is also likely. The way we drop towards the election will show what count we need to choose finally. As this is the first week out of 5, we close within the weekly Bollinger. Let's see if the SPX can also break the pattern of not being able to make 2 consecutive gains, which it never did in October so far, but with financials very strong on window dressing day it might work out. So we have some game changing price action but nevertheless wave A up comes to an end and wave B down is due next week. We see after the close what the market is up to.
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