Thursday, February 17, 2011

Consolidation Thursday

Thursday was a consolidation day. I will use 2400 on NQ as Line-in-the-Sand on Friday. If the current consolidation is complete, price would break and stay above 2400 and then trend up targeting 2425-2435 zone.
  • Below 2400, I will look for price to drop down to 2384 support and a potential buy zone. 
  • If 2384 support does not hold, the next supports are 2378, then 2372.
ES Line-in-the-Sand is 1335-1336. 
  • Above 1335-1336 target above Thursday's high 
  • Below 1335-1336 target first support at 2329-2330

Bulls are still in control.
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