14 March 2007

I Want to Know...Where Do You Go?

Above is a chart of the cash NDX (click on image to enlarge). Here at YukTraderStation we trade the front month futures contract the NQM7 (June)...so you have to add about 20 points for precise calculations...we see the 200 SMA is now 1673 so for our purposes we'll say 1693 or about 44 points below the quote as I type of 1737 on the NQM7 futures...so if all hell breaks loose then that should be strong support...more useful for today are the recent lows which again for our purposes are around 1730 (quickly approaching) and the 2nd Fib. (61.8%) retracement level off the July lows at 1698 (for our purposes 1718 on the NQM7)...upside resistance is 1745, 1755 and 1775...

So levels to watch for today on the NQM7 are:

Go get 'em...jfg.

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