Trade Guideline for Friday (NQ)

Profit-taking activities following a break below March swing low caused an immediate rally off the low on Thursday. However, the closing price was right at the consolidation low before the breakdown, which is now resistance.


Key level to watch for on Friday is the consolidation zone 2200 - 2215. 

• Failure to clearly break-back above  the 2200 level implies the market is set to tank again on Friday.
• A sustained break above 2200 but below 2215 would imply consolidation is likely.
• A sustained break above 2215 may trigger a short-covering rally that can push price up to 2230 - 2245.