Thursday, October 31, 2013

Guideline For Friday

At the end of the day on Thursday all major equity futures including NQ, ES and YM were all sitting at key support area, either a break and trend down on Friday or rally back up again to re-test the recent high.

Because Friday is normally a bullish day, and as long as key support is not violated, I will be looking for either a sideways consolidation pattern for Friday or a rally back up to test the recent high.

Key support for NQ is 3365, and 1751 for ES and 15,490 for YM. 
-- A clear and sustained break below support can cause a liquidation drop, with NQ next support at 3350 and 3335.
-- Above 3365 NQ should rally up to resistance at 3385 then 3395.