Slope of Hope Blog Posts

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Short Term Weakness (by Springheel Jack)

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The main charts I am watching at the moment are the NDX and NQ charts, to see whether and when the fully formed IHS there breaks the 2700 area neckline to confirm the bullish scenario from there. We didn't see that yesterday on FOMC and Bernanke's press conference, but then he had little new to say, as the talk of QE being open ended until a significant reduction in unemployment has been seen sounded similar to what he was saying in September. Here is the setup on the NDX 60min chart where resistance is in the 2700 area, first support is at broken resistance in the 2660 area, and key support is at 2623, as a move lower than that would trigger a double-top target in the 2550 area:

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