Monday, August 19, 2013

Tuesday Guideline

NQ tried to breakout above prior consolidation range high, but the Dow and the S&P were just too bearish dragging NQ back down, caused a false-breakout in NQ, resulted in a trend reversal back down to test the range low, closing at the low of the day.

For the bulls, stoplosses are now congregating just below the range low, just below 3067. A clear and sustained break below 3067 could cause a major sell-off. Supports are 3055 and 3030.

3067 needs to hold to avoid the next sell-off and or to consolidate/rally