Wednesday, May 2, 2012

Trading Guideline For Thursday (NQ)

Nasdaq NQ opened gap-down and then test 2700 support, but failed to break down below it, then reversed and slowly rally up to 2730 resistance. 

For Thursday Key Level is 2725.
  • Above 2725 implies it is going to rally up to re-test Tuesday's swing high.
  • Below 2725 implies NQ is going into a consolidation mode, likely trading between 2700 support and 2730 resistance.
  • Only a sustained break out of the 2700-2730 trading range would cause a trending move in the direction of the break.