Wednesday, July 4, 2012

Trade Guideline For Thursday

Market rallied right from the open on shortened trading day on Tuesday. 

Key Level for Thursday is 2635 on NQ and 1367 on ES.
  • Above 2635 NQ implies uptrend is still in progress, next upside target is 2675, and much more if market internals is extreme.
  • Below 2635 implies NQ is in a pullback mode, first target down is 2620 prior breakout level now support. Next support below is 2610.
  • Below 2610 implies NQ is in trend reversal mode, targeting a break below 2600.
Barclay Bank Libor manipulation probe should continue to dominate the financial news.