Monday, May 6, 2013

Trade Guideline For Tuesday

Nasdaq traded sideways in a very narrow trading range on Monday. At the end of the day it looks ready for a pullback down to supports on Tuesday.

Key Support/Resistance Level For Tuesday is 2950.
-- Below 2950 is an indication that NQ is in a pullback down mode with first support at 2935. A clear and sustained break below 2936 implies it is going down to the next support at 2910.
-- Above 2950 implies the sideways consolidation is a setup for the next upleg.