Thursday, March 27, 2014

Guideline For Friday

On Thursday NQ opened near Wedensday's close but then quickly tanked down to support. Major buy programs quickly rallied it back to resistance before dropping back down to re-test 3540 support established early in the morning, a very choppy down-day on Thursday..

NQ closed right in the middle of the trading range established on Thursday, and looks ready to bounce all the way back to resistance 3580 resistance.

Unless NQ crash below Thursday low, I will be looking for a sideways consolidation day or a rally day, first target up is 3580 resistance. Without a clear break above 3580 look for NQ to drop back down to support which is 3540.

A clear break above 3580 could take NQ back up to 3595 or 3610. A clear break below Thursday low could tank NQ to lower supports, 3530, 3510, 3500.

The pattern for ES is similar to NQ, with support at 1832 and resistance at 1850