Wednesday, February 20, 2013

Trade Guideline For Thursday

The market sell-off after the release of the FOMC minute, a wide-range down day, with NQ closing near the day low. The selloff should continue as long as it can stay below key level.

Key Level For Thursday is 2755-2760.
-- The selloff should continue below 2760, with the next support at 2710-2700.
-- Above 2760 implies it is in consolidation.

S&P 500 Longterm (20-Year) chart showing expanding triangle top, wave ABCDE pattern, with wave E coming up soon, target down to about 600.