Thursday, November 21, 2013

Guideline For Friday

A gap-up and trend up day for NQ on Thursday, the high bumping against resistance, and the closing price was just below the day high - bullish momentum going into the close.

Keep in mind that Friday is usually a bullish day, and as long as NQ does not clearly break below key support, it should continue to rally up to the next resistance -- a gap-up open or an early morning pullback to support and then rally into the close.

Inflection Price Level For NQ on Friday = 3395, key support = 3385.
-- Above 3395 is an indication NQ will try to rally up to the next resistance, if it can break above 3405 or gap-up open above 3405. Next resistance and target is 3420. It would need a very bullish market internals to break above 3420.
-- Breaking below 3395 is in indication that NQ is going to consolidate prior to rallying up to the next resistance 33420, assuming that it can break through resistance at 3405.

Janet Yellin - the extreme money printer - as the next Fed Chairperson