NASDAQ 100 Technical Analysis – A Follow-Up
• After a deep oversold condition on Friday, NDX attempted to bounce but could not overcome the 50D and 100D MAs.
• Initial strength on Monday and Tuesday was met by afternoon selling, which produced two consecutive spinning top candlesticks, signifying indecision, i.e., a battle between bulls and bears.
• NDX remains stuck inside the ugly Friday’s candle and between the lower Keltner channel and 50D and 100D MAs.
• It needs to show another card, i.e., break the range.
• Somewhat surprisingly, the NDX/VXN ratio has not been able to bounce even to the lower Keltner channel.
