Wednesday, June 1, 2011

Trade Guideline for Thursday (NQ)

On Wednesday the bears capitulated into the close as NQ closed near the low of the day. If there is going to be more selling on Thursday NQ would break below 2310. Breaking back above 2325 implies NQ want to rally back up.

Key support for Thursday is 2310.
Key Line-in-the-Sand is 2325
  • Above 2325 I will be looking for the market to rally back up to 2335, then 2350.
  • Below 2310 I will be looking for NQ to decline down to 2300, then 2280