Wednesday, August 5, 2015

NQ Guideline For Thursday

A large gap-up open for NQ on Wednesday designed to trigger short-covering rally. The rally faded going into the lunch hour that lasted all afternoon into the close.

Key inflection price level for NQ on Thursday will be 4600. Unless NQ can break out above 4630 resistance or breakdown below 4575 support, look for NQ price action to be choppy. 
-- First resistance is 4630
-- First support is 4575.