We have reached the extended sell area for the NDX and approached also the time band almost as the 15th and or the option expiration is just a few days away. As you can see the 9 (green) week count has almost the effect of marking a turning point at least short term but tends to mark places from where to expect 10% countermoves. We have some indicators still in neutral territory so The big crash back to the lows is not imminent but will happen eventually but I rather expect that to happen in Q1 2010. For now expect the bulls to run out of steam and volatile retreats for late Sep and Oct.
Friday, September 11, 2009
NDX update
We have reached the extended sell area for the NDX and approached also the time band almost as the 15th and or the option expiration is just a few days away. As you can see the 9 (green) week count has almost the effect of marking a turning point at least short term but tends to mark places from where to expect 10% countermoves. We have some indicators still in neutral territory so The big crash back to the lows is not imminent but will happen eventually but I rather expect that to happen in Q1 2010. For now expect the bulls to run out of steam and volatile retreats for late Sep and Oct.
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