Tuesday, April 26, 2011

Trade Guideline For Wednesday (Nasdaq NQ)

Tuesday's high was a double top on the daily chart. Upon making a double-top, it promptly reversed and sold-off into the end of the day and closed at the opening price level.

For Wednesday, the opening price action will determine whether the afternoon pullback down will continue or whether it will re-test and or break Tuesday's high.

Line-in-the-Sand for Wednesday is 2289, bullish above, bearish below.
  • Above 2289, targets are 2402 then 2415-2420
  • Below 2289, targets down are 2375, then 2257