SHORT TERM: POSITIVE
Today was another gap up, sell the opening day, the fifth in a row: see NAZ 122805. We rallied on the open, sold off to new lows for the move, forming a perfect flat for the SPX/DOW, rallied again, only to be sold off in the last few minutes to close marginally higher. It must be the holiday season! No committments to the market, other than intraday traders jostling around looking to skim a few profits here and there.
Lets continue to follow the EW pivots until the uptrend returns:
NDX: 1639, 1658, 1671, 1690, 1709 and 1717.
NAZ: 2195, 2220, 2230, 2251, 2269 and 2278.
In the NDX, we rallied early rising above 1671, then sold off approaching 1658, rallied back over 1671 before selling off in the last 10 minutes to close at 1667. NDX 1671 is now offering resistance. A retest of NDX 1658 might be in order before we can finally get out of this corrective pattern. Two trading days left for the year.
INTERMEDIATE/LONG TERM: BULLISH