Left hand the NDX daily with Seq count which proves pretty much the case I made the other day that the VIX is not finished yet. As we have a 12 count today for the NDX and the SPX waits to make the 13 as well we should get another upside attempt next week before we get a more severe decline. Around 1200 should be valid support very short term. Medium term we need to retest the lows of Nov. as all good lows started from a kind of double bottom pattern though not in the classical sense. We see into that as it appears for now we need a little upleg before another bigger downleg appears. In any case the Jan effect is negative as off now confirming a down year but even if it did not we will see a down year.
Thursday, January 8, 2009
NDX tech outlook
Left hand the NDX daily with Seq count which proves pretty much the case I made the other day that the VIX is not finished yet. As we have a 12 count today for the NDX and the SPX waits to make the 13 as well we should get another upside attempt next week before we get a more severe decline. Around 1200 should be valid support very short term. Medium term we need to retest the lows of Nov. as all good lows started from a kind of double bottom pattern though not in the classical sense. We see into that as it appears for now we need a little upleg before another bigger downleg appears. In any case the Jan effect is negative as off now confirming a down year but even if it did not we will see a down year.
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