The NDX had another green day, gapping up @ open and closing up +2.17%.
Things to note:
- we hit & filled our 1st gap target @ $12.6K
- closed slightly above 50SMA (needs to hold for bullish continuation)
- the 9SMA is looking to turn up
- had our Golden Cross (50 above 100) on Tuesday
The downward slopping trendline & 21SMA is our next major resistance, although we broke it fairly easily back on Aug 10.
IF my bear thesis is correct, I would expect that we would top out somewhere between the 0.702 (maybe fill the gap @ $13.25K) or the 0.786.
The 200SMA will be major resistance &, until the 50 crosses the 200, this should be treated as a "recovery phase" rather than a "bullish phase".
Things to note:
- we hit & filled our 1st gap target @ $12.6K
- closed slightly above 50SMA (needs to hold for bullish continuation)
- the 9SMA is looking to turn up
- had our Golden Cross (50 above 100) on Tuesday
The downward slopping trendline & 21SMA is our next major resistance, although we broke it fairly easily back on Aug 10.
IF my bear thesis is correct, I would expect that we would top out somewhere between the 0.702 (maybe fill the gap @ $13.25K) or the 0.786.
The 200SMA will be major resistance &, until the 50 crosses the 200, this should be treated as a "recovery phase" rather than a "bullish phase".