NQ 1558 is 23.6% 2006 H/L and current support. Resistance is a hair belwo 20 dma at 1572. Since weekly pivot is at 1577.75, you can see where the wall is. ES is stronger on a relative basis thanks to energy and is now trading above the 20 dma at 1260. Key support for ES is 1250, although a break below 1258 would raise the red flags. Very often the first move after the Feds is a headfake, so watch yourself. One caveat. The first few ticks in the initial second or two usually shows correct direction, it is qickly reversed and a move is set, drawing in the wrong crowd, then a reversal back into the first tick direction. That is a little too dangerous for most players, so try to be in with a cushion or stay flat.
This entry was posted
on Thursday, June 29, 2006 at 7:42 AM.
