The index is extending its bullish trend
within the 1D Channel Up ( RSI
= 74.927, MACD
= 135.620, ADX
= 64.929, Highs/Lows = 106.5770). As you see this technical action is too close to the overbought zone. On top of that the MACD
is converging and about to make a bearish
crossover while the RSI
is on a bearish
divergence as it did on the last 3% drop
in early December. Because of that we are expecting NDX to pull back towards the Channel's Higher Low trend line
on another -3% decline. Our TP is 8,720.
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