NDX and market tech update

The NDX testing the 1135/40 support which might hold briefly but has confirmed the breakout of the wedge formation. We are heading for 1000 for the big trough of the 1st half of 2009, which should happen within 3 weeks even 4 might be possible. NDX will relatively outperform and as the rally starts be the front runner with financials. This financial rescue operation has to be finalised for now as too many rumours keep cruising that needs to be solved and will take another 2-3 weeks very likely.
As we have day 9 tomorrow and New Moon markets might go sideways for a few days even snap a bit higher before resuming the downtrend later this week and next week. The Dow has entered week 12 count as does the SPX depending on price performance though but we are getting closer to the trough which has still a potential of up to 10% down from here. We will determine the exact lows the next days for the DOW I have 6800 as the low point target.

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~ by behindthematrix on February 24, 2009.

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