Wednesday, September 26, 2012

Trade Guideline For Thursday

On Wednesday Nasdaq opened and continued its downtrend that started on Tuesday, stopping just above 2760 support. It then spent the rest of the day consolidating. It is likely to continue down once the current consolidation is complete. next target down is 2740. 

-- Resistance for Thursday is 2785, then 2795.
-- Support for Thursday is 2760. A clear and sustained break below 2760 could trigger another round of liquidation decline, targeting 2740, then 2715.