Tuesday, January 28, 2014

Guideline For Wednesday

After several large down days, the market decline took a paused on Tuesday and closed at the day high, setting up for another rally day on Wednesday at least in the morning, (and likely with a gap-up open), before the FOMC policy decision announcement in the afternoon. 

Anything can happen after the announcement, the direction will depend on the Fed's policy decision.

Key support level for Wednesday are 3595 for NQ, 1786 for ES 

--- Above key support level, profit-taking / short-covering should continue, with resistances at:
3520, 3540, 3550, 3575-3580 for NQ, and 
1795, 1805, 1810-1815 for ES