Tuesday, February 22, 2011

Wednesday's Trade Guideline

Tuesday was a one directional bearish trend day with a close near the day low. The last 2 pullbacks were 120 points and 100 points for NQ.

  • 100 points decline would target 2300 area, and 
  • 120 points pullback would target 2280 area.


For Wednesday, my Line-in-the-Sand is 2320.
  • Above 2320, I will be looking for the market to retrace Tuesday's trend targeting 2340-2345.
  • Above 2345, next target up is a test of Tuesday's high.
  • Below 2320, I will be looking for price to continue down to 2295-2300.
  • Below 2295, next target down is 2285