Monday, February 21, 2011

Trade Guideline for tuesday

The market is down quite substantially from last Friday's closing price in electronic trading on Monday. What the Fed's PPT decides to do come Tuesday morning would determine whether the market would sell-off (bearish day) or rally back up (bullish day).

My key Line-in-the-Sand for Tuesday is 2365 area for NQ.

  • Above 2365 I will look for rally targeting first resistance at 2384, 
  • Above 2384, I will be looking for price to go up to test the recent high.
  • Below 2365, look for more decline down to the next set of support zone 2330-2335 area