Monday, January 6, 2014

NQ Guide For Tuesday

NQ dropped down to support on Monday and then traded sideways for the rest of the day. For Tuesday if support holds it should either continue to consolidate sideways or rally back up to resistances.

Inflection price level (support/resistance) for Tuesday is 3520.
-- First Resistance = 3530
-- First Support = 3510.

-- Failure to clearly break below 3510 support could attract buying, but it needs to clearly break above 3530 resistance to trigger a short-covering rally, with upper resistances at 3550 and 3565.
-- Selling algorith will come back in below 3510, with lower support at 3495 and 3485.