NDX Bullish, With a Caveat

The Nasdaq 100 will at least boink the upper Bollinger Band and then grind around into a new rally leg if past is prologue.  The US indexes hit a point of short-term over bought, but resumed climbing right away to new highs after a quick hit.  This has to be considered bullish activity.  Maybe we grind though the Fiscal Cliff ™ noise and the upcoming FOMC and then get some Santa going?

The caveat (isn’t there always one?) is that this assumes NDX is not just filling a gap.  It must stay above the green line.

ndx

 

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