Sunday, November 4, 2012

Trade Guideline For Monday

Daily Trend = Down
60-Minute Trend = Down
5-minute Trend = Down

Nasdaq opened gap-up on Friday then reversed down, and trend down all day, making i a gap-reversal day. At the end of the day the trends are clearly down, closed near key support 2640.

For Monday, Key Level to watch for is 2665.
-- Below 2665 implies the downtrend is still intact, next target down is a break below 2630 prior swing low 
-- Above 2665 is bullish and could re-test last Friday high.