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.
Subscribe to NFTRH Premium for your 25-35 page weekly report, interim updates and NFTRH+ chart and trade ideas, or the Free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Oh, and follow @BiiwiiNFTRH. Support free quality content; please disable AdBlock, Adguard or other ad blockers on Biiwii.com (our few ads are non-intrusive) and/or donate... thank you! Add to SocialTrade