The NDX's monthly chart clearly shows why this is a unique opportunity as we have made a monthly 13 already and challenged this channel resistance which is almost unbreakable at current point with all the bullish sentiment and overbought conditions even on monthly basis. Only the SOX shows a bit margin is left to the upside as the tablet leap in technology will generate some huge demand short term as every competitor is eager to stand up against Apple's monopoly which fits perfectly with the ingress of Jupiter into Aries last WE its rather furious. That is true on many levels though as the riots in Egypt prove. Basically the ingress produces a little spike followed by a steep correction right thereafter. In the 2320-40 area the NDX is a very low risk short with a potential down to 1750 which is about my average 25% correction expectation in the next months.
Wednesday, January 26, 2011
NDX update
The NDX's monthly chart clearly shows why this is a unique opportunity as we have made a monthly 13 already and challenged this channel resistance which is almost unbreakable at current point with all the bullish sentiment and overbought conditions even on monthly basis. Only the SOX shows a bit margin is left to the upside as the tablet leap in technology will generate some huge demand short term as every competitor is eager to stand up against Apple's monopoly which fits perfectly with the ingress of Jupiter into Aries last WE its rather furious. That is true on many levels though as the riots in Egypt prove. Basically the ingress produces a little spike followed by a steep correction right thereafter. In the 2320-40 area the NDX is a very low risk short with a potential down to 1750 which is about my average 25% correction expectation in the next months.
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