NDX: Watching the 29K level closely
Hey everyone, just doing my usual scan and the $NDX is catching my eye today, sitting around 29220. It's been a bit choppy, with a daily range that bounced off 28963 and change. I'm really looking at that 29000-29050 area as a potential short-term support zone if we see any more downside pressure. The sellers seemed to push it down towards that region early on but couldn't quite break it convincingly during the session.
Now, if we start seeing a sustained break below that 28960-29000 level on decent volume, that would certainly invalidate the idea of any immediate bounce and suggest we could see further retracement. Conversely, if it holds and we get some momentum building back towards the 29500-29600 area, then the short-term picture starts to look a bit more constructive. Just my two cents, always gotta respect the market's decision.
It's interesting to focus on that specific level, but I'm not sure how much conviction to put into a bounce off a single day's low when the broader market sentiment seems so volatile. We've seen these short-term supports evaporate quickly lately.