Monday, June 11, 2012

Trading Guideline For Tuesday In NQ

Nasdaq opened gap-up on Monday and then promptly sold-off all day closing near the day low, similar to what happened last week Thursday.

For Thursday where it opens is important in determining the direction and the pattern for the day. Resistance is 2530-2535, and support is Monday's swing low, then 2485.
  • Below Monday's low could trigger a quick sell-off down to 2485. 
  • Above Monday's swing low implies it is going into a pullback mode up to 2530-2535. A clear and sustained break above implies a potential move up to re-test Monday's swing high.
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