On Monday, NQ opened with a gap-up above Friday's high, and then continued to trend up to 2700 resistance area before stalling. End of day profit-taking took NQ down to below key level.
I am looking for more consolidation below key level, and trending up above key level..
Key level For Tuesday is 2695.
- Below 2695 implies it is still in a pullback mode, with downside target at 2675. A clear break below 2675 could starts to run-over trailing stop-loss which can take price down to 2655. Support levels are 2681, 2675, 2655, 2645
- Above 2695 implies pullback has ended and the next trending up-leg is in progress targeting 2725 which can overshoot up to 2750. Resistance level above 2700 area 2725, then 2750
On Friday S&P cut rating of 15 Italian Banks
