NDX bottom today
- Thread starter iceman1
- Start date
it will be a nice short squeeze on a lot of nasdaq stocks for a couple days
That would be nice, since I have a long-term position in the NDX. I don't trade in and out of this position==it's a core position, because I believe that NDX is undervalued in relation to the S&P. I would not be surprised to see a 15% rally from here over the next few months.
That said, the close today did not overly impress me. Yes, the market came back from a late morning rout, but I would have liked to have seen a close that approximated Tuesday's high. What we have instead is a key reversal that looks more like a bear hook than a confirmation of a change in trend.
Like I said, I hope I am wrong. And, like someone said earlier, predictions are not to be taken seriously. If I were day trading later this morning, I'd look for a test of Wed's lows.
Good luck to all.
I don't think we'll have a change in trend , just a couple day pop and some short covering on the nas, I think the s&p and the dow have more to go but they might rebound for a couple days also, I think we're in for a good ride down after that, the s&p had come back 72% and we broke some pretty good trendlines last week, we should go up to test them but I don't think we go any further on a long term chart