NDX has had a hard time getting thru this NDX 2,520 massive resistance level and this is the key for me going forward. NDX 2,520 is sitting on a triple top 30 minute scale:
iqc.com
In light of weakness in MSFT and INTC underperforming on upside, NDX must get this close above NDX 2,520 TODAY. Failure to get this close, and just as important, a failure to close above NDX 2,500, and this is a one day party. Tomorrow may be late celebration with some of the other indices carrying over little higher in celebration, like DOW 10,780 intraday, but for me the vast majority of this countertrend bounce is now over.
If it looks like NDX will not get this NDX 2,520 close, let alone NDX 2,500 close, I will re-establish short side of market. Otherwise, I will play it long one more day.
Best Regards, J.T.
Best regards, J.T. |
