Overnight does it job with what may be one of the final Prop Lifts for 2023. This group has been busy for 2 years and has provided more than half of the gains or drop offset points over the period. Yesterday mentioned KL 17065 as level to watch and in final 10 minutes we started the climb (clear away) from the KL. Just watch the level and KLOD is 17100 (long near/above and short below), look for retest of one or the other should NAZ fall out of O/N range 17160-120. FA/SZ's are below and are reliable targets should we see selling or any drop test today. I will update on Teams.
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Decent Divergence at O/N High, may see drop.
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Best to wait until O/R or 1st 25M plays out if you are Shorting. Every move has a counter and this will have to end on the Long Side, look for push Pull and stalling on the Long Side. Many feel that the S/P 500 is the key to the reversal once it goes up another 15-20 points.
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1st SZ hit near ML O/N
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KLOD and SZ's gone, out of O/N Range
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Weak open and divergence did play out.
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So one play may have been that the consolidation over past 10-11 days may be the build of Long positions that have limited lift and will be switched to shorting. The buying accumulation over the period may be the perfect set up for the shorts once they switch. Circle below is the idea over the next week or so.
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Notice the lift from near the KLOD, may retest under the ML O/R 17137
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KL 17065 is key today and tomorrow, back later.
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KLOD to ML O/M is range here.
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14100-14140
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As much as you want to hammer Short this thing, it is still making higher highs and higher lows. Take your time as we close out this year.
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Still watching air pocket on 1 HR
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I know just Holiday PA/Volume but the O/N lift to Open drop is so predictable and almost guaranteed. The Open or Reg Session that will sell off that is not supported with the O/N lift (drop offset) may be the twist in 2024. Unless QE or the Fed can support the NAZ specifically since it represents the majority of market returns. Anyway, markets are in a tough spot as they have to continue higher or break down (away from NAZ) to shift leadership.
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So the O/R ML is blocking the lift and will most likely be passed in final 5 minutes of day. If so, look at 17180-200 on lift target.
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No pass, pick any target below KL 17100-17065 gap bust, needs to get under 17065.
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Long Divergence careful at KLOD
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At/near low so final 10M pop is next or O/N lift, careful with any short above 17065
Trade closed manually:
2nd lowest volume past 10 days. Expect games in O/N. White arrows are key hits todays and NAZ under O/R ML and O/N low. We may see a normal Pull Back or drop test should O/N not lift by Open.
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Previous day EOD Close game into O/N
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Air Pocket update 1 HR