NDX & SPX

As mentioned previously, NDX has hit its HNS right shoulder target at 2783 & reversed down. Now looking for support below its 200DMA around 2650. If that doesn’t hold then lower support is 2550 on the rising multi year trendline.

NDX26022013

SPX is showing a bearish shooting star on its monthly chart. First support is 1466, followed by  1415. Technically it looks setup to hit around 1415 before a much stronger reversal. Monthly chart isn’t overbought, so short term declines are expected.

SPX 260213

Having said all that, short term $TRIN & $NYMO are showing oversold signs, so be prepared for strong daily reversals along the way down.

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