Thursday, March 29, 2012

Trade Guideline for Friday (NQ)

Thursday was a typical consolidation type of day, trending down in then morning the reversed, and then trend up in the afternoon, closing just  below key support/resistance level for Friday, 2770. 

NQ trading pattern for Friday would depends on where it opens and trade in the morning in relation to its key level 2770.
  • If it open gap-up above 2770 and then if it can stay above 2770, it is likely to trend up all day for the usual Friday rally. 
  • Below 2770 in the morning implies it may need to pullback down to re-test Thursday support zone.
Egon Von Greyerz - European leaders lying, Trillions needs to be printed.