Monday, May 23, 2011

Nasdaq Mini Future End Of Day Macro Charts 5/23

This coming session for the Nasdaq is going to be very important. Today we closed right on a
cluster of very important technical levels:
-Downside breakout of bearish channel (magenta) target (2315)
-Low of current bull channel (yellow) (2318)
-Deep fibo retrace of April low to the highs (2318)
-100 day VWAP (yellow) (2321)

It is tough to call at this point. Call it a hunch, I say we go a bit higher here and stall at the resistance at 2335-2340. I think the low of the old bullish channel (cyan/light blue),the low of the old bearish channel (magenta), and the Fibonacci cluster at 2336-2339 will be significant resistance should they be tested on a not too distant rally

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