Start looking at your option chains and prepare the groundwork for your trades going into the week of the 15th. Usually, by Thursday of the preceding week (this Thursday), we start trading opex strategies. QQQQ has severe call resistance at 43 with some put support at 42 and even stronger support at 41. Pretty much the same picture as last month, so unless we have a major breakout, play the range.
On the index futures side, look at NQ 20 dma support which is confluence of pivot 1718/1719 for intraday support tomorrow. There is an interesting confluence between daily S1 at 1711.25 and weekly pivot at 1711.25. Could be a play, right above 50 dma. ES needs to hold neckline breakout discussed last week around 1320, which is 2 points below its weekly pivot (1322.50).
On the index futures side, look at NQ 20 dma support which is confluence of pivot 1718/1719 for intraday support tomorrow. There is an interesting confluence between daily S1 at 1711.25 and weekly pivot at 1711.25. Could be a play, right above 50 dma. ES needs to hold neckline breakout discussed last week around 1320, which is 2 points below its weekly pivot (1322.50).
This entry was posted
on Sunday, May 07, 2006 at 9:57 PM.
