Wednesday, April 17, 2013

Thursday's Trading Guideline For NQ

On Wednesday NQ opened with a gap-down below 2805 support which turned into resistance, after a brief re-test, giving us opportunity to go short, collapsed towards 2755 support, stopped just above it.

On Thursday key level is 2775.
-- Bearish below 2775, but it will need a clear and sustained break below 2755 to trigger selling algorithm that can lead to liquidation decline.
-- Bullish above 2775, may trigger short-covering rally to 2805-2810 resistance zone.