Tuesday, July 31, 2012

Trade Guideline For Wednesday

Another sideways consolidation day on Tuesday. Traders are waiting to see if the FOMC will give any hint regarding QE3.

Key Level for Wednesday is 2640, with breakout level at 2650 and breakdown level at 2630.
-- Above breakout implies trending up, probably not until after the FOMC announcement at 2.15.
-- Below breakdown level (2630) implies down-trending move. Supports are 2620, 2595, 2570