Market Anthropology: NDX Update

Monday, November 19, 2012

NDX Update

As expected, the equity markets carried the baton from the Friday reversal through the close – once again picking up the comparative after completing the latest mirror.

My best guesstimate after today is equity strength will continue in the short-term into the 1st retracement (38.2) zone ~ 2640. From there the rally will either; 

(a) continue without divergence up to ~2700,

(b) mirror with a retracement back to where we closed today, or  

(c) fail

* A mirror is described as following in-step the inverse of the comparative’s price and momentum profile.