Thursday's decline started in the overnight with the 10YN yield rise and the momentum continued. The next move should be a typical Overnight Futures bounce & reverse. They like to short from higher point. The continued rally selling may appear again after a move up. Strong buyers may come in, lower major buyers zones are 12600 & 12400. Should the NAZ not bounce during the overnight 1st half, the lower zones (if we get there) should bring support. Today I did predict the initial drop, mid day I felt that the NAZ would bounce (this did not happen).
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On target, seeing small pull back at current top. May have one last push to 12908 -12933 range. The European markets are down (not big) and 10YN is up, EU momentum may shift as their markets just opened. This current run bounced off 12725, one of my lower targets. In other words, long run may be valid.
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Near Long target hit and Short to low target, buying dip at low target should be good. S&P & DJIA are flat. FANG do not do bad. I would expect a bounce.
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The 12720 area seems to be holding, lets see if this may be the buy target for the day.
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Index turned, buy any dip for balance.
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To clarify, any near 12720 with tight stop.
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If you are in tight stop, picking up divergence, may be propping. Never know hard to tell which direction.
Trade closed: target reached:
Closing Out, Heading out. Careful with today's close. Triple W