Friday, 30 January 2009

Not much wiggle room left

The very pronounced tapering triangle formation shows that the Nasdaq 100 index (^NDX) is approaching a point where market players will have to make a tough decision.
Traders may, understandably, want to postpone a major test of support and resistance until the dust settles with respect to all of the initiatives being discussed by the new administration. However the charts are suggesting that wiggle room is disappearing.

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