NQ (Nasdaq 100 e-mini futures) weekly pivot is at 1593, a few points above 5 day moving average. Watch the overnight action and 1610 resistance. This bounce could take us up to 1629, weekly R1 or 1573.75 weekly S1 on an early failure. I like the first day of trading of the week, when you can very often get a solid low or high for the week if a trading range lies ahead. Use weekly R1 or S1 as a entries for possible reversals. Should these levels break on either side, forget about a trading range, a strong upside or downside momentum will be in place.
This entry was posted
on Monday, May 29, 2006 at 4:53 PM.
