Monday, February 6, 2012

Trade Guideline for Tuesday (NQ)

Monday was a consolidation day following a large up-day on Friday. Nasdaq 100 closed the day just above its key inflection level for Tuesday.

Key inflection level for Tuesday is 2522.50.
  • Above 2522.50 implies the next up-leg is in progress targeting a move above Friday's swing high.
  • Below 2522.50 implies consolidation is still in progress, targeting a decline down to 2500