Thursday, July 24, 2014

Guideline For Friday

NQ opened with a gap-up on Thursday and then immediately pullback down before rallying back up to test the morning high. It traded sideways all day in a narrow trading range and into the close.

NQ traded down in after hours trading, just above 3960 support, and depending on where it opens in the morning, it is either another up day or a pullback down day.
-- On Friday, trading above 3960 implies NQ is likely to rally back up, target is still 4000-4025.
-- Breaking below 3960 is likely to trigger momentum algo that could quickly tank NQ down to 3940, and if that does not hold the next support is 3910-3915.