Thursday, October 23, 2014

NQ Guidelne For Friday

NQ opened with a huge gap-up on Thursday morning, rallied up to the .786 retracement level, a 7-wave rally from the recent low, before stalling and pullback down to 4000 support..

Absent any major buy programs from the Fed, NQ should continue to drop down further on Friday to support 3975-3980, if that does not hold, then down to 3930-3940. 

However, a sustained break above 4025 could trigger another round of short-covering rally, targeting September 19 swing high.