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| The NASDAQ100 (NDX100) Daily Chart as @ 01/11/12 |
TECHNICAL ANALYSIS:
What's not to like?
MACD: Trending up
DMI/ADX: Ditto
Fast Stoch: Ignore @ O/B.
EMA's: Reflecting a rising (trending) market.
What's 'not' to like?
The whole chart could, just could be construed as a 'Diamond' formation. They are about as rare as a true S/H/S formation (Head & Shoulders).
The 'rub'?; a Diamond is a distribution pattern that commands immense respect should we 'lose' these levels and start a fast descent. Let's keep an eye on it.
