Moving out to the NDX monthly chart (use for QQQQ as well), we can see where the struggle lies for bulls. In order to keep the bull market alive, the three monthly moving averages (10, 20 and 30) must stay lined up above each other. The first step is to hold at all costs the 30 month MA at 1541. As you can see, we have not traded below that landmark since mid 2003. We could get that test as early as tomorrow. If we get in the coming weeks a bearish cross of 10 month and 20 month, you can start calling an end to the bull market of 2003.
This entry was posted
on Wednesday, June 07, 2006 at 10:21 PM.
