It's going to be about oil today. Watch the 69.35 level (May contract). Overall news is good and if oil drops after inventories data (10:30 est), we will have a rally. The opposite holds true of course. Watch QQQQ 41.75 support. If that breaks, next level of support is 41.53 and 41.38 (50 dma). NQ futures are weaker than ES and YM so pay attention to that and QQQQ 42 resistance. Should we get another sell-off this morning, I would be a buyer of QQQQ 41.38, 50 dma. That would put NQ at 1702/1703 (50 dma as well). There is very strong put support at QQQQ 41 going into next week option expiration.
This entry was posted
on Wednesday, April 12, 2006 at 6:02 AM.
