CSCO providing some after hours volatility. We will just concern ourselves with NQ (NDX futures) and what to expect going into tomorrow. Weekly pivot is at 1711.25, daily S2 at 1712, 50 dma at 1711.25, 38.2% retrace May H/L 1712.50: see a pattern? There is a price magnet in the zone between 1710 and 1712.50 which I would buy if hit. Of course, we have support at 10 day ema 1715, but since we lost the 20 dma after the close (1717.75), I expect some interesting swings. Place your bets, but buying NQ around 1712 with a stop at 1708 might be a trade worth looking into overnight. If 1715 holds, scratch that and hit it there. If you like to leg in, an initial long could be placed at 1716, stop 1714.75, just in case they never drive it down further, but with the Feds on tap, expect some hustle from the pits. A break below 1710 negates any bullish scenario.
This entry was posted
on Tuesday, May 09, 2006 at 3:18 PM.
