Tuesday, March 13, 2012

Trade Guideline For Wednesday (Nasdaq NQ)

Markets opened gap-up on Tuesday ahead of the FOMC decision, triggered massive short-covering that lasted all day on Tuesday. 

2 key levels I will be watching on Wednesday, 2670 support and 2660 Key Inflection Level.
  • Above 2670 implies NQ is still in a fast move up. 
  • Breaking below 2670 implies the fast move up has ended, and it is likely going into a pullback mode, targeting 2660. A break below 2660 implies it is going into consolidation, targeting a re-test of the 2645 breakout level.
With Germany and Switzerland now demanding their gold back from the US, it will be interesting to see what the US will do... because in most likelihood, the US do not have the gold any longer. Will they get "Tungsten" instead?
 
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