Well Traders, a good day for me. The $NDX was down a little over $5 points which is good for my December Iron Condor. Today's candlestick formation was another "spinning top" indicating that there is indecision. The fact that this was a lower spinning top than yesterday, and with the STO getting closer to the Overbought zone, seems to indicate to me that the index is losing some strength.That being said, technically speaking, the $NDX is still trading within its Ascending Channel, so there is NOT a trend reversal at this point. The fact that the index is at the support level of the channel may indicate a run-up may occur. Of course, I am hoping the run-up party is over and it falls back towards $1760 or lower. Time will tell.
Happy Trading!
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