Thursday, December 5, 2013

Guideline For friday - NQ

Another  sideways consolidation on Thursday trading between 3470 support and 3490 resistance for NQ, and looking more and more like a distribution pattern. 

There seems to be a lot of buying algorithm as NQ dropped down to 3470 on Thursday. As long as NQ does not clearly break below 3470 it should continue to trade sideways or upwards. 

Breaking down clearly below 3470 however, will change the buying algo into selling algo, with the next major support not until 3425