Sunday, October 19, 2014
NQ Guideline For Monday
The market posted a 2-day rally last week Thursday and Friday likely due to massive buy programs engineered by the Fed. However, the manufactured Ebola scare is really starting to cause panic in the market that could lead to a massive "Crash"
A resumption of the downtrend on Monday is an indication that the decline is very strong and should take out the recent swing low very quickly.
On the other hand, another rally day on Monday would imply that the market is going into a larger pullback - up mode.
Key price level for NQ on Monday is around 3790.
-- Below 3790 is an indication the downtrend is resuming, next support is 3730 then 3700.
-- Remaining above 3730 implies NQ is still in a pullback-up mode, resistances are 3840-3850, then 3890-3900