$NDX WeeklyChart Analysis 082006

Monthly chart is looking to go through the resistance of LIS at 1559.47. The key for up is for this LIS to become support.

Weekly chart currently shows upside strength. Initial upside target is PRZ (potential reversal zone) at the LIS and .618 fib level of 1635 to 1642ish.

We have had 5 straight days of higher highs, right into 89sma as resistance. Will it hold the market back, at least in the short term? Only time will tell.