Friday, November 23, 2012

NDX 2640

In a post-holiday shortened session, the NDX reached my initial target of 2640. I had described this run on Twitter as the prospective "easy money" of the pattern; whereas, either a negative mirror or complete divergence could arise subsequent to the target. It is my belief, based on my accompanying comparative work and the rapid shift in complacency - that risk swings to the downside next week. 
The US dollar index continues to work within the pattern's proportional envelopes - both of price and momentum. Should the pattern continue to be prescient, the swift move lower today will be recaptured early next week.