Tuesday, August 2, 2011

Trade Guideline For Wednesday (Nasdaq NQ)

Another large down-day on Tuesday breaking through strong support at 2300. Key resistance for Wednesday is 2300 and key support is 2285. 

The direction of the US dollar will determine whether we would have another large down-day or an up-day.

  • Below 2285 I will be looking for another tank down to 2240 - 2250. 
  • Above 2300, I will be looking for short-covering to take NQ up to 2340