I have a couple lines drawn as you can see. Both provide what I think are points of resistance for a possible brief retracement. The orange line is a daily estimate and the blue line is a weekly estimate (you can switch the views in the upper left corner of your screen right next to the ticker--1D is one day, 1W is one week, etc.) Even though the blue line was drawn on a weekly chart, it still looks pretty decent to me on daily. I think NDX is possibly going down (only briefly; I think the Bulls are still pretty strong right now so don't panic) due to the two Black Crows which you can view with the chart set on weekly. Theory/Estimate #1--Orange is the resistance and the NDX will drop to 6220/6230ish within a couple days, or at the most by end of this week (Friday, December 08, 2017) and use that to bounce up. Theory/Estimate #2--Blue is the resistance and NDX will drop to roughly 6200ish and bounce. Blue resistance may take slightly longer than Orange; possibly a couple weeks. I think once it hits either of those resistance lines it will continue its uptrend. A wild card to consider: Christmas shopping is in full swing and the Market may reflect consumer spending, both online and at "brick and mortar" locations.
I am not a professional. I am an amateur who is not licensed, certified, or compensated (financially or otherwise) by anyone or any organization to give financial or Stock Market advice. Use your best judgment. I am not currently in any play, or hold any positions with or for NDX; nor do I plan to enter any during 2017.
I am not a professional. I am an amateur who is not licensed, certified, or compensated (financially or otherwise) by anyone or any organization to give financial or Stock Market advice. Use your best judgment. I am not currently in any play, or hold any positions with or for NDX; nor do I plan to enter any during 2017.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.