Tuesday, August 19, 2014

Guideline For Wednesday

Another very narrow-range short-covering up-day again on Tuesday. Without any buyers left except for the Fed themselves, and without any shorts left to cover, the markets continued to rally very slowly. 

Without any pullbacks the pattern of slow and choppy narrow-range rally type of day should continue, next upside target for NQ is still 4050-4060, a major target zone that could attract some profit-taking selling.

NQ key support for Wednesday is 4015-4020.