NASDAQ going neutral for a while, remains under Resistance.

News are not the best for Nasdaq (NDX), at least on the short-term, as it got rejected a little over the 1D MA100 (green trend-line) and below the January 05 Lower Highs trend-line (Bear Cycle Resistance) and the 1D MA200 (orange trend-line). This marks the end of our buying trade as we called it on our previous post (January 04):


Right now we see, at best a repeat of the November 15 rejection, which turned the index sideways for a month. As long as the Support Zone holds, we will be buying the dip short-term. Below 10500, we will sell and target the -0.118 Fibonacci extension at 10100.

On the bright side, the 1D MACD shows that we are close to completing a bottom process similar to October 13. Still, we will only get long-term bullish above 12500 and the 0.618 Fibonacci, despite the fact that the 1D MA200 is the obvious long-term Resistance, unbroken since April 05. The reason is that with the Resistance Zone above it, we consider the Triangle area within the 0.618 Fib and the Bear Cycle's Lower Highs trend-line, a 'No-trade Zone'.


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