NDX Test

The NASDAQ-100 looks poised to test its October 2nd intra-day low of 1656.57 on Monday. Here is a daily NDX chart (click to enlarge):

NDX-10-31-09

Notice that the red uptrend line is converging with the blue support line.

The NDX is closer to testing its October 2nd low than the SPX is, and the signal it gives will also likely apply to the SPX since the NDX usually leads the SPX.

This test may occur Sunday night in the futures, so the equivalent low for the NDX futures (NQ) is 1652.75; only 13 points away, which is a small daily move for the NDX. The equivelent level for the SPX futures (ES) is 1012.00.