Thursday, November 8, 2012

Trade Guideline For Friday

Nasdaq downtrend continued on Thursday, and the next support is 2550. Whether or not it will bounce as it approaches 2550 support area, only time will tell, but the downward momentum is very strong.

Key Level for Friday is 2600.
-- Below 2600 implies strong downtrend is still in progress, next support is 2550, then 2500.
-- Above 2600 implies it is going into consolidation, with resistance at 22610, then 2625.

The bear is firmly in control at the moment