On the left hand, the NDX hourly chart has made a test of the low and we trade the double low short covering right now. Since we are also in an expiration window that might hold for this week. In any case, we need to go lower in the next 2 weeks, testing the lows of the SPX around 800. The NDX needs to go to 1090/1100 (2002 low) in that context. The 2003 low is far away at 795 but we are not at risk reaching that for now. More on that a bit later.
Thursday, October 16, 2008
Technical update NDX
On the left hand, the NDX hourly chart has made a test of the low and we trade the double low short covering right now. Since we are also in an expiration window that might hold for this week. In any case, we need to go lower in the next 2 weeks, testing the lows of the SPX around 800. The NDX needs to go to 1090/1100 (2002 low) in that context. The 2003 low is far away at 795 but we are not at risk reaching that for now. More on that a bit later.
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