NQ looking for a bounce, has had too many opportunities to go lower and has not. Going with Long. We may see decent dip prior to Long Rally. Use close stop should you go long. I just can't see after all the Fed stimulus and such, they let the markets seriously decline. View attached 4 Index Chart, NAZ & Russell look like potential rebound but all 4 are at pivotal point. Who would you save?
Chart:
Chart:
Comment:
Fed to speak in half hour, FYI.
Trade active:
Buy at 13150, 50 PT SL
Comment:
The CPI should have done more damage than what we are seeing. Stay on Long side, this will be rocky until Open and 1st half hour. You can add Longs at 13080, move SL or let hit and buy back in.
Trade active:
Adding 13085 and moved SL 13050
Comment:
Adding 3rd at 13070 moving stop to 13030
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Looking for 2 direction day, we are due. This is Aggressive and is not for all use profit.
Comment:
Russell did hold , NAZ should follow.
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Remember from yesterday notes, Failed moves reverse. You had 2 65 PT runs earlier to take profit from 13150 Trade, I would of but was out at time. Drooping 70 buy with 30 PT profit
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Dropping 85 buy with 20 profit
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Even on day and will let 1 run, SL at 13050. upper target 13200
Trade active:
Adding 1 at 13060 and lower SL to 13020
Comment:
Drop 60 at 13100, or keep.
Trade active:
Lowering SL 13000
Comment:
adding 1 at 13035, 3 total & lowering SL 12980
Comment:
If you are on sideline, good place to buy. Lower support at 12925. EU Closing.
Trade active:
Major support for bounce all indexes.
Trade active:
No stop, came close will not move looking at 200 PTS negative with 3 need 13045 BE will drop 2 there.
Trade active:
dropped 2 at 13035, Potential old school 2 direction day.
Comment:
Upper target 1 13149 & 2 13300, Adding 2 at 13025 & SL at 12920
Comment:
You can see that the White Dash or TL X's are reliable pausing or turning points with the NAZ, lower at 12950 shows area of support. Today may look bad, I just don't see strong Short conviction and feel that any Long bounce will shake this off.
Trade active:
dropping 2 25 buys with 20 Pts each.
Comment:
NAZ is only 15 points below yesterday low, keep that in mind.
Comment:
Move SL 12980
Trade active:
Add 2 at 13042
Comment:
Add 2 at 13015 SL at 12070
Trade active:
drop 2 from 13015 at 35 20 Pts each
Comment:
Longs should pop here at 13020
Trade active:
no pop, looking short, One direction still in play. will hold with SL at 12060
Trade active:
13066 is a upper level target and break through should change direction.
Comment:
Shorts are covering 20 level is providing bounce. Drop 42 buys at 66
Trade active:
Drop 2 42 buys at66 24 PTS Each
Trade active:
Closing original 60 buy at 72 12 pts profit
Trade active:
closing original Long from 13150 at 13060 90 point loss, flat
Trade closed manually:
Ugly day, net positive. Note easier just to get direction at start and let ride. The One direction days make trading too easy and are hard to play, sounds funny - hard to do.
Comment:
Winners 186, Losers -90, net 96
Comment:
The TL X's Chart will show that the NAZ did pause today at lower White Line. The Blue are POC Value levels, these are lower targets.