I know you are not a candle man, Shack, but today's candle on the NDX is usually a prelude to a low, if not one that immediately preceeds a low.
The 30-minute NDX had a 3-black crow pattern that targeted 1361, but it may have been met by the 1363 low at the end of the day.
Either way, we've got a triple bottom, and folks know I'm not a proponent of those. 60-minute NDX:
stockcharts.com[h,a]eaclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14][J6471081,Y]&pref=G
Daily NDX:
stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14][J6471081,Y]&pref=G
Lower BB on the NDX daily is now at 1358. On the COMP it's 1864. On the SPX it's 1029.
stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
Notice how the lows are almost always made by an AM spike down on the SPX.
Same with the Dow. Lower BB at 9581 on the daily tomorrow. That's also the area of the 13-EMA on the weekly chart:
stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
Note the Dow tagged the 13-EMA on the daily today at 9726 and reversed. |
