CME_MINI:NQ1! NASDAQ 100 E-mini Futures
NAZ hit the Red Long Term TL and got rejected. Momentum has been weak to the upside and this bounce off the low of 14800 was expected. Key level of of 15160, NAZ may hit and attempt to take out red TL or in reverse (Red TL, fail and drop to 15160). I mentioned the divergence yesterday, playing out now.
Comment: 6:15 AM CT, 15235 is key level, now. Look Short under and retrace to it. Target if short is 15160. If NAZ breaks 35, long will try 15280.
Comment: all 4 Update:
Comment: You can view my closing comments from 4pm yesterday. The Overnight propping is key for NAZ progress and when it is missing, the sell off follows. The true momentum should only be that of Open and not light volume Overnight. NAZ may have some trouble today as: Friday, other 3 are off and lack of prop. Look to sell rallies, I will be surprised if NAZ closed higher today.
Comment: NAZ slowly moving lower, break below 160 may have fall through. 15160 is top of Monday/Overnight bounce. NAZ has done nothing since.
Comment: At/after Open, may see bounce to Mid Level at 15260, look to short at that time when stalling occurs.
Comment: 6:15 AM Short from 15235 got to 15175, heading back up now. Look at 15250 level to reshort.
Comment: 15240 did stop lift, not feeling strong short just yet.
Comment: Going to 15280.
Comment: 15260 stopped lift, under 280 look short today.
Comment: Careful today, Yesterday was thin Price Action (in recent weeks) Today has wide spreads, volume not great. Could see whipsaw with no significant moves and close near Open. Channel is 15200 - 15260
Comment: NAZ may slowly lift higher near 15260 80 and then sell off by EOD to close near open. Buying strength is significantly slowing. Should that play out, look for major propping up over weekend for Monday Open. In others words, could go Long over weekend or look at Sunday. The upper TL can be passed in Overnight, it appears it can not during Open Market. Stepping away.
Comment: NAZ is moving in the reverse play of my opening statement. Hit lower at 15175 and now at 15280. Interesting to see if it approaches 15360 on this light volume. Most likely will fall back under 280.
Trade closed manually: NAZ moving higher even with 10YN at 1.45%. 15360 should be close. 15160 did hold and NAZ did break Red TL. Vert thin day on PA and Volume. Next is Month and Q end, will see heavier volume.
Comment: All 4 no real gains here, just holding.
Comment: Today was a weak move up from bottom and a no gainer. You will notice that the Overnight sold off and was not moved up (Usually does), the Open session did move up slowly and ended at yesterday close. The level is holding for now and we should see usual lift to NAZ Sunday and Monday, prior to Open. Many times when the indexes are holding on low volume, a bigger drop is near. Keep this in mind, you can review the days prior to last Friday's and this Monday's drop. My notes did ask where the bullish moves were coming from. The lift was used to offset the above average drop.
Comment: 9/27 6AM, Drop after Propping, noted this on Friday. NAZ back on Long Term TL.
Comment: 9/27, I may not post today: Stay Short 15060 is Target. The Friday strange lift and Prop Sunday is just an offset to this short move. We have seen this many times in the past month or so.
Comment: 15160 is hit for 4th time, look long above and short below.
Comment: Under 160 is Good for Short, watch level.
Comment: NAZ is bouncing around level, will need to see where it ends up. DJ and Russell are keeping index up for now. NAZ may fall tonight or tomorrow. It could also spring up. Need to watch this level.
Comment: Watch long term TL level, above.
Comment: Normally the NAZ will run up after dropping, not sure if that will be the case by EOD? Some indicators are pointing Up and some down.