My target is the middle of the channel at the low 6200s.
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NDX had a huge drop today. There's a good chance that it will touch the middle of the channel at the 6220s over the next few days (or in AH via NQ futures).
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After bouncing off the mid-channel, NDX has trouble touching the top of the channel again. It looks like the uptrend is weakening a bit.
just my 2 cents
NDX looks like a melt up phrase ( ought to be after breaking a 2 year trend trend line ) but
1. Daily bollinger band is shrinking = limited upside ( see HSI/SHCOMP/NIFTY similarity at recent top)
2. RSI(9) monthly > weekly > daily (same in 2007/1998)
3. pretty much the mkt need a 5-10% correction soon to expand the BB and we will see much higher ATH
just my 2 cents
NDX looks like a melt up phrase ( ought to be after breaking a 2 year trend trend line ) but
1. Daily bollinger band is shrinking = limited upside ( see HSI/SHCOMP/NIFTY similarity at recent top)
2. RSI(9) monthly > weekly > daily (same in 2007/1998)
3. pretty much the mkt need a 5-10% correction soon to expand the BB and we will see much higher ATH