Yes, you are right about that. After I posted last night I realized that if the $BPNDX declined by one box during the day (it actually declined by two in the morning, before the monster rally), the P&F chart can only record Os. However, with the beginning of the next day, the P&F chart would reverse into Xs if it rose by as little as one box, then all of the other boxes would be filled. I realized this would happen and went long. It is important to understand the P&F rules for charting!
Both the $NDX and $BPNDX are in Xs which means that "demand" is in control, and we should be thinking in terms of long trades. As Dorsey would say, "the offensive team is back on the field."
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