Tuesday, February 7, 2012

Trade Guideline For Wednesday (Nasdaq NQ)

Another narrow-range day albeit an up-day. NQ continues to make a higher-highs and a higher-lows hence keeping the uptrend alive.

Key inflection level for Wednesday is 2522.50.
  • Above 2522.50 implies slow short-covering rally is going to continue, targeting another higher-high.
  • Below 2522.50 implies it is in a pullback mode, targeting a drop down to first support level 2512 area.
The Fed and the ECB continues to print currencies in order to support the collapsing banks and countries.
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