Wednesday, October 28, 2020

NQ Guideline For Thursday

Shortest. Presidential. Election. Ever. - The Boston Globe

On Wednesday NQ opened with a huge gap-down due to the highly likely bitterly contested election result with no clear winner. The large gap-down then ran-over trailing stop-losses triggering market meltdown.

NQ finally dropped down to very strong support provided by prior swing high from mid-September, 11,130-11,150. It may cause a temporary bounce on Thursday, with first resistance at 11,350. which could stop the rally.

If so, we should see selling resume perhaps Thursday afternoon if not Friday morning. Should that happen we could see NQ dropped down to 10,660

Key inflection price zone for NQ on Thursday will be at 11,200

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