NDX outlook – market wrap-up

The hourly chart of the NDX basically confirms that we should test the 1350 area tomorrow as the hourly count is at 9 and needs 4 higher hourly closes. The fact that the NDX produced 3 higher closes is a positive indication for more upside. The SOX was a strong component today.

The volume was relatively low today and the VIX dropped to 63 with 60 a target we should see tomorrow – before next week we might rise again before the election. The Japan rate cut will make the music for tomorrow but likely we see already at the end some profit taking, hence the upside should be limited.


~ by behindthematrix on October 30, 2008.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: