Sunday, May 20, 2012

Trade Guideline For Monday (NQ)

As expected, Friday was another wide-range down-trending day, and it was precise due to the lack of support until 2420 area. Nasdaq could continue to decline until it hit some support, with or without any pullback. 

Key Level for Monday is 2490.
  • Below 2490 implies it is still in a fast mode down, next target 2420
  • Above 2490 implies it is going into a pullback / consolidation mode, targeting 2510-2520.