Monday, November 17, 2014

Guideline For Tuesday

On Monday, after trending/dropping down to support in the morning, NQ rallied back up to balance price level 4210 and then spent the rest of the afternoon trading around balance price level, unable to move away from it, then close just above 4210.

NQ daily chart is still in an uptrend but the 60-minute chart is showing a possible pullback down move, so NQ could go either way on Tuesday, depending on where it trades in relation to its balance price level.

Key balance price level / inflection price level for Tuesday will still be 4210.
-- Trading above 4210 is an indication that NQ may want to rally up to resistance, 4227
-- NQ will have a bearish bias below 4210, first support is 4195, strong support is 4175