Peter, NDX has unbelievable teflon power, as double intraday reversal first off the highs, then the lows, and remarkably closes back ABOVE NDX 3,160 support MITA has established to close at NDX 3,167 up shy of +3.
This is a miraculous recovery at the "38th parallel support line" NDX 3,160 holds firm and bulls victory snatched from out of the jaws of defeat of bears.
This is two days now that NDX 3,160 has held at the close.
On the bull argument, this could set it up for another launch if tomorrow's PPI # comes in benign as the street expects. NDX 3,220 now has a triple top and this number could get mounted on a market friendly PPI #.
On the bearish side, cracks again starting to show as we pierced below NDX 3,100 for the first time since December 3rd break-out. An unexpected inflationary PPI # will set it off and NDX 3,160 will finally be out and NDX 3,100 tet offensive will be assualted again.
Best Regards, J.T. |
