Sometimes you need to look at a simple line chart with no pivots or moving averages, to see a clear picture. Here, the NDX(nazz 100) has tried 3 times to break through the 1280 level(blue line) only to find resistance(sellers). If and when it does break the 1280 level it could run a fast 100 pts to 1380. Triple tops(1280) seldom hold and usually on the 4th try, resistance should break. Will we get a big pullback first or a another big run higher?
Saturday, March 28, 2009
NDX looking for a big move
Sometimes you need to look at a simple line chart with no pivots or moving averages, to see a clear picture. Here, the NDX(nazz 100) has tried 3 times to break through the 1280 level(blue line) only to find resistance(sellers). If and when it does break the 1280 level it could run a fast 100 pts to 1380. Triple tops(1280) seldom hold and usually on the 4th try, resistance should break. Will we get a big pullback first or a another big run higher?
