Monday I mentioned the expected highs for week and we did not get much higher. The channel is playing out with sideways action. I would expect the NAZ to stay in channel and test levels (Yellow Lines) before leaving. "Buy the dippers" are likely to show up and we have not seen much strong selling. The sellers (and short sellers) may show up after the dip buyers do their thing.
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NAZ popped out of channel, usually happens in the light volume Overnight session. Look at 14760 as 1st Pull Back Support and 14915 as upper target of resistance. Short at upper and buy at lower. 14680 is likely on sell off as better 2nd support for buy. After open the NAZ will most likely retrace to lower and decide the next bigger move. I am out most of the day, will update when available. Friday, watch for light volume rally and late day sell off. Should rally, may not see sell off (today).
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Late yesterday I posted that 14760 was PB support and NAZ was trying for 14825. Complete and in range, this is value area for next hour or so. Long at 14760 would of been great spot for Long, look on short side as NAZ stalls.
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All 4 update:
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Selling should come in here at 14860.
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if not 14925 nest target.
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100 point rally from PB, typical turn may go up another 25 or so. watch Long head fake and Ticks.
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Trapping longs and some FAANG are negative.
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See ya. Should go down and POP.
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52 is resistance. 14880 support.
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Watch Long head fake here at 14815
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Selling is picking up, 80 may bounce some.
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Short 14860 to 14780 good, long at 14760 to 14850, close stop.
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Just not feeling Strong Short today. Close SL on long at 60 just in case.
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14745, Pop or stop.
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Long to 14810 most likely as target 1.
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Now watch for Short head fake. Place stop at 35, net pos if stop of 50 or so.
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14777 stay Long NAZ would of dropped by now.
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Final down test here at 14770
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Rocket up. Add to long with same SL.
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Drop 1 at 14810
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Move SL to 55
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Stepping away, ticks look good. Let these play out. Move SL IF want.
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SL hit at 55 on 2, -5 & -15, Net Pos on 60.
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Look for Long side after EU close, will update.
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DB at 07, watch the confirmation of Long
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Long at 14730 with 50 SL, 14670 is great entry for long. Not sure if we there. Going in here with SL.
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Feeling like Long set up. May push down sideways all day and Pop at 1 CT or 2CT. Hold off on long may go lower if you are not in.
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Closing long at 50 +20
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14775 is POC.
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passed 70 75, should be good
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Most LC Tech are down, FYI. Careful if Long.
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POC is stopping lift.
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Holding off on Long, FAANG+ FNG1 contract is down -1.5% vs NAZ at -.30. Expecting the NAZ to follow, not willing to short as FNG may pop.
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So far you should be up 80 vs the NAZ being down 75 points, missing out on short, not sure if it will go lower, hard to read.
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NAZ has stayed with in the 2 Yellow horizontal lines, we are at the 14670 that I mentioned before the opening, Long here is good trade, need confirmation prior to entry.
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14620 is support lower and you can Buy here 14670 and add 1 at 14620. place SL at 14600
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This is an aggressive trade, I am not taking just passing along.
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Short trade from here is target 14620 should long not work out, not taking just passing along.
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Feeling like big move last 5min of day, not sure which direction. Potential long bounce, just seems like it. 2:48 PM CT Now at 14660
Trade closed: target reached:
No big pop, NAZ stayed is range for the most part today.