Wednesday, June 5, 2013

Trade Guideline For Thursday

Downtrend that started on Tuesday continued into Wednesday. If the downtrend is to continue down on Thursday, it should stay below key resistance level at 2950 area.

A clear break above 2950 implies the 5-minute downtrend that started from Tuesday high has ended and that NQ is going into a consolidation or short-covering rally mode.

Below 2950 implies the downtrend is still in progress, next target down is 2900 then 2880