NDAQ Chart – Sitting At Key Level

I charted the past three months’ daily prices for NDAQ this morning while it was trading at $18.81.  The biggest line of resistance for NDAQ comes from its trend line of lower highs.  That line has been merciless for the past week, but on the opposing side the 10 and 20 day moving averages are holding support.  The 10 day hasn’t broken intraday for more than a week and the 20 day manages to hold by close each day.  Those two moving averages are close to the upper trend line and leave almost no room for movement.  Keep watching this area and very soon we should see a more reliable direction emerge.  I’m short six NDAQ November 20 naked puts, so I’d like to see the bulls win this one out, but am ready to buy those puts back if I see NDAQ dip below $18.70.