Thursday, December 8, 2011

Trading Guideline for Friday

Both the 60-minute and the 5-min charts are showing NQ is in a downtrend. For Friday as long as pullback up does not break above 2305, the downtrend should continue, targeting a decline down to lower low, with supports at 2240 then stronger support at 2225

A pullback up that clearly breaks above 2305 would reverse trend from down to up, targeting a rally up to 2320, then 2335.

News from Europe should continue to influence market movement on Friday.