Thursday, February 16, 2012

Trading Guideline for Friday (NQ)

With the Fed and the ECB money-printing speed in over-drive, it is quite easy to anticipate that Wednesday's strong decline would be reversed back up, and it did on Thursday afternoon, with the close at the day high.

For Friday, key inflection point (support/resistance level) is 2580. 
  • Above 2580 implies the uptrend is in progress, targeting higher than Wednesday's swing high.
  • Below 2580 implies it is in a pullback mode targeting 2565-2570