NAZ has run 1200 points in 7 trading days and may revisit 14700 for retest or reality check. The no Friday late afternoon rally (pre Holiday long weekend) was the signal of Rigger, BTD, FOMO, AI Magic Potion, etc. exhaustion. I was shocked not to see the typical nonsense rally into the Close with failed auctions and the like. Anyway, Monday may Prop some still... if not, 14700 is retest zone should the NAZ get a realty check. Two day chart below since 1/22.
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Bookends?
Trade closed manually:
Anyway, if you view TV Author's you will see many have the same/similar drop target. I will add that the way up is what I have the problem with. The U Turn moves near Danger Zones starting with Invidia (O/N) huge pop. Then other O/N or late day rocket moves. Much of the previous bounce is rigged and should really be retested (some not all). Have a great next week, may see mid day pull backs to mid 1st 30M level after Open drop and the drop to day low and below. Push pull type PA is 1st real clue of serious pull back. If PB, they will be watching how fast it gets bought before continuing Long through the Summer.
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6/16/23 Private Post, NAZ did stay in Range, looking for drop now.
www.tradingview.com/...W-NQ-Range-06-16-23/
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MA's, 30, 100 & 200. 30 MA 1st should 14700 not hold.
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Thursday and Friday generated 400 points in intraday moves. Thursday way 1-way and Friday was 2-way (same points). Look for 1 way next, just need to get past Monday (fake PA and Rig attempt). Should drop not occur Tuesday may be close near Friday High.
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I call these TLX's (Trend Line Cross), you will notice that the NAZ takes off at TLX's. These are your targets on any drop and resistance on any lift. Just grab the points to and from.
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Orange Lines are FA's (Failed Auction Zones), when the NAZ stalls out on an UP move it will redirect towards lower SZ's and the opposite on the DOWN move. Circles are Targets on the drop. No guarantee with forecast I can just guarantee that it will generate some serious intraday (O/N & Regular) points price action. Time to put your trading skills to work.
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200 done and another 300-400 to go.
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Switch to Short side today under 15134
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Since the High and Post date of Forecast, the NAZ has been declining with 4 of 5 mid/late day reversals. These are common and was most of 2022's intraday price action. Can be a sign of something on the way, should it continue. Drop target 14707 may be bounce/hold should the drop continue. Entry, Target, Exit/Reverse and block the NOISE.
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1/21 & 1/23 to current VA (charts above) have not changed and show the NAZ well above VA Top. Since large cap tech is driving most of the gains in the entire public equities world, there PE's are high and the VA does confirm. At some point, this may be an issue with a further (strong lift) or attempt higher (prior to retest or reality check). The above chart of intraday reversals during regular session (as opposed to O/N, Holiday, late Friday magic show, etc.) may be an early clue. If not, BTD/FOMO until VA raises up and PE ratios don't matter as much. I still think that the inventory of the Pro's in thin on Long side and may need to restock.
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Strong resistance at KL 15050, no pass and NAZ may drop 200 points. Monday's typically lift and Dead Zone period typically has super powers so watch the pop or drop offset move. Drop is coming but may noy happen on a Monday after an O/N drop, that would be too normal.
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KL 15050 Hit, Open Range may be 15000 - 50. Block the NOISE today, will try and shake you out.
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In the Danger Zone, under 15050 and trying for the 200 Short Run.
Trade closed manually:
Will close this out and start new chart for moves lower. NAZ had 2 U-Turns near Danger Zone and will revisit DZ.
1/23 Value Area/POC to current. Same deal.