Daily Summary for Monday, April 11 2011

As my cliche goes, today and this level is critical to the short-term direction of the Major Indexes. TD Setup Boxes have now closed on all Daily Major Index charts. Today the NQ looks to try to test some short-term highs and then potentially breakdown again into a daily Fibonnaci retracement level. Because IBD's Market Pulse says we're still in an uptrend we must be aware that we may continue up. The NQ adjusted chart also shows a gap up from Friday's close into Sunday night's open of 6.25 points from 2320.00 to 2328.25 so this is definately some Demand we should be watching although price has already bounced off this level overnight. If price does breakdown it looks to be coming down to the 2289.50 level.