Thursday, May 22, 2014
Guideline For Thursday
A narrow-range choppy short-covering up day on Wednesday for NQ, closing at the day high, positive momentum going into the close.
The short-covering rally should continue on Thursday as long as any pullback does not clearly break 3625 key inflection price level.
-- A break below 3625 implies NQ is going into a larger pullback down, support is at 3610. As long as 3610 is not violated NQ should resume its uptrend.
-- A break below 3610 would find the next support at 3600. A break below 3600 could trigger algorithm sell program.