Tuesday, September 14, 2010
The NDX has reached the target zone yesterday and as we enter day 9 today on a TDM basis as well exhaustion short term can be expected after another test of the 1930 level. Since we traded higher yesterday with a gap that will be crucial the next days as a test of that is mandatory but astrological aspects rather give less chance for a substantial retreat for this week as on the 18th Jupiter and Uranus will be exact conjunct which is a bullish case for tech. At the same time a negative aspect was triggered yesterday - see yesterdays post for details but that should come into effect after the Full Moon on the 22nd. Also the SOX rather promises a bit more upside support short term after being the weak component for weeks. One of the top performers in the NDX - Apple - still needs to hit 290 before turning lower as well. The next days will be tricky - expect wild swings with the second half of the week rather with a downside bias briefly starting later today or tomorrow. 1940 should cap any upside for SEP and we can expect a substantial retreat from that level starting later next week.
Posted by getagrip at 7:47 AM