A large gap-up opening on Thursday trapped the shorts, triggered short-covering rally to resistance zone 2655-2660, double-top level with July 5th swing high. Whether or not it is going to breakout above the double top, will depends on where it opens and trade on Friday.
Key breakout level on Friday is 2655.
- Above 2655 implies it is going for another trending up day as shorts may be forced to cover, triggering another short-covering rally. Resistances are at 2685, 2710
- Below 2655 implies NQ is in a pullback/consolidation mode with support zone at 2625, 2610
Spanish bond yield at record high, breaking above critical level implies imminent bankruptcy (short-term chart July 2012) Charts from Zero Hedge)
Medium-term chart (march 2010 to July 2012)
Long-term chart (1993 - 2012)
