Sunday, April 3, 2011

Trade Guideline For Monday (Nasdaq NQ)

2338 = Line-in-the-Sand for Monday. 

After breaking out and rallied in the morning on Friday NQ reversed and closed at the breakout level of 2338. Where it opens and trades near the open will determined whether Monday will be a bullish day or a bearish day.
  • Above LIS, I will be looking for morning rally up to re-test Friday's high, with key resistance and a potential reversal level at 2352.
  • Below LIS, I will be looking for a morning decline down to key support and potential reversal levels of 2332 or 2320