Of the three major indexes, the Nasdaq is putting in the best performance relative to price and pattern action alone.
NQ – NDX 100 Futures
What we see here is that NQ has bounced to the underside of the upper most range and COMPX has moved roughly to the 50% point of yesterday’s tall down bar. This is the first major area of resistance we look to price to weaken at. Keep in mind that in this time frame, price is trending down – with a lower swing high and lower swing low than the former. The feature of most importance to us is the bottom of the trading range here ~ 1605 – if price can continue to push higher and hold, the long game in that market may well be on again.
What happens next will tell us a lot about the remainder of the day and perhaps the rest of the week…
04.12.08 13:23 #