The NDX chart is a different animal due to almost no financial impact. The 1150 support has hold the current down move for this week as we have our first option expiration this year. In any case we have confirmation that the lows will be tested in this wave w,thin the next 4 weeks and some minor new lows will be produced for some indices. I still think that for the tıme being Tech will outperform to the upside for now. We have to see if 1150 can hold next week as well. SPX will take out the 815 support level within the next 2 weeks and should produce new lows or have another capitulation after so many talking heads were singing the bull song and the famous Gıoldman call (almost always wrong) but after the new low they will turn out to be 'right' - we will get a pump up the economy rally second half of the quarter into Q2.
Thursday, January 15, 2009
Technical update
The NDX chart is a different animal due to almost no financial impact. The 1150 support has hold the current down move for this week as we have our first option expiration this year. In any case we have confirmation that the lows will be tested in this wave w,thin the next 4 weeks and some minor new lows will be produced for some indices. I still think that for the tıme being Tech will outperform to the upside for now. We have to see if 1150 can hold next week as well. SPX will take out the 815 support level within the next 2 weeks and should produce new lows or have another capitulation after so many talking heads were singing the bull song and the famous Gıoldman call (almost always wrong) but after the new low they will turn out to be 'right' - we will get a pump up the economy rally second half of the quarter into Q2.
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