NDX daily chart:
But as shown on the daily chart (in pink) there is clearly bullish potential for a run up to the Fib projection near 1473. I've been thinking it's not going to do that because of the topping price action, loss of momentum (bearish divergences), break of the RSI uptrend line, overbought market, etc., but clearly the sellers haven't arrived in force yet. Just more chop and whipsaw and minor new highs, sell off, chop higher, rinse and repeat. When it lets go I think it's going to do it in a hurry so be careful if you're holding long positions. Notice also that NDX has rallied up to its earlier broken uptrend line from March 9th through the April 1st low. It remains a good setup for a short play and you might still be in previous attempts since we really haven't seen appreciable new highs over the past week or so.