Tuesday, October 18, 2011

Trade Guideline For Wednesday (Nasdaq NQ)

Nasdaq opened below Line-in-the-Sand and promptly tank down to  support. It failed to break down below 2300 support and reversed back up, triggering short-covering ahead of Apple's earning report after the market,  breaking above LIS and 2355 resistance closing up for the day.

For Wednesday I will use 2355 and key Line-n-the-Sand.
  • More short-covering above 2355, targeting 2400.
  • Below 2355 implies a re-test of support 2335, then 2315-2300.
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