As expected the NDX ( all US markets) are topping out for now . NDX managed to close the gap it made on Monday which is constructive especially if we manage to close below it today. The trend channels resistance worked and in case of the SPX also the long term resistance. We can expect a short term correction at least for now as I still expect a rise into Dec once again testing the highs but that is something the market will tell us going forward as we also might have seen the top this week even. When a weekly 13 next week confirms this prices I rather think we might have had the top but still will rise in Dec to some degree. We very likely will test the 1680 -1700 level on this go although a retest of 1650 would even be better and is possible.
Wednesday, November 18, 2009
NDX update
As expected the NDX ( all US markets) are topping out for now . NDX managed to close the gap it made on Monday which is constructive especially if we manage to close below it today. The trend channels resistance worked and in case of the SPX also the long term resistance. We can expect a short term correction at least for now as I still expect a rise into Dec once again testing the highs but that is something the market will tell us going forward as we also might have seen the top this week even. When a weekly 13 next week confirms this prices I rather think we might have had the top but still will rise in Dec to some degree. We very likely will test the 1680 -1700 level on this go although a retest of 1650 would even be better and is possible.
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