Monday, August 1, 2011

Trade Guideline for Tuesday (NQ)

It looks like the plunge protection team was busy at work pushing the market up on Sunday night, causing a huge gap-up when the market opened on Monday.

However, the market was sold off immediately, tanking over 70 NQ points before the PPT came back in to buy which produce a huge afternoon rally which stopped right near 2355 resistance.

For Tuesday I will use 2355 as resistance, 2335 as support.
  • Above 2355 target 2380-2385 resistance.
  • Below 2335 target a test of Monday's low, higher low or lower low down to 2300.
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