Wednesday, February 15, 2012

Trade Guideline for Thursday (NQ)

A reversal day Wednesday, with the open near the high and the close at the day low.

Key inflection point for Thursday is 2570.
  • Below 2570 implies it is still in a fast mode down targeting  2545. A sustained break below 2545 may run over stop-losses that can trigger a fast liquidation drop to the next support zone 2520-2500.
  • Above 2570 implies a larger pullback up is in progress with 2580-2585 as target. Above 2585 implies the NQ is re-trending back uo, next upside target 2600.
Greece is going into full-blown chaos, spooking the global market. Greece defaulting and leaving the euro-zone will collapse the European and US banking system.