New Resistance?

Well Traders, the $NDX has been kind of waffling around this new level for a few days. This could be just pre-holiday boredom, or perhaps a new resistance level has been created. The chart shows the new resistance line and the completely overbought nature of the $NDX, as well as the MACD showing signs of downward pressure. This will bode well for my trade as this is a short week due to the Thanksgiving Day holiday on Thursday and shortened markets on Wednesday and Friday. So, this is virtually a FREE week for my time value to be burned off. So, as long as the market doesn't go nuts the next few days, my trade should be looking fairly good beginning next week.

Ideally, I'd like to see a fall-off towards the bottom of the Ascending Channel for some extra protection, but let's see where this goes.

I'll probably have one more post tonight, then take the next few days off for the holidays.

Hope you Thanksgiving is a wonderful one!

Happy Trading!