Stock, Option and Futures Trading
NQ Corrective Symmetry
August 2, 2011
The NQ has fell down into bigger symmetry support. Notice how there is a cluster at the 50% support and the 1.618 level. So far the low in AAPL is also the support of today. Right here could be the low of the day and if it holds it could be the low to get us back to the 2400 area on the NQ. We will have to see if we hold here and close above the 2303 level.
I am not bullish or bearish but so far we are still holding support. The question is for how long??
I would be careful short the rest of the day
PS. We noted the 42% as the minor symmetry and we did get a bounce off that level and there was a cluster at 42% and 1.270% as well.