NAZ looking to pass 15350 as upper test. The red TL is longer term downtrend and will need to be broken. While the bounce is greater than 50% off low, it has come in off peak volume times. For example: we are only 110 point higher than the Monday EOD bounce that happened in final 30 minutes of close and continued in Overnight before selling off for Tuesday and most of Wednesday. The NAZ will open today and retest 15150, prior to trying to take out the red TL. Failure above will see some 2 way movement.
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Whites are NAZ/RTY targets and yellow Dow/SP:
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Retrace to 82 and Short Trade, 40 Stop and target at 15170.
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NAZ dropped to 15225 and will bounce up to 80, look to short stall.
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TL to break, stay on Short side until:
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This may run, 10YN is dropping.
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On Short take profit at 70 or 75 or 85 if you want to lock.
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re short on retrace as NAZ may pop at open.
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All 4 dropping, stepping away, stay in channel with plan
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PMI at 8:45 CT, may take down.
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May have a cap here on upside at day high, look for some drop testing. NAZ stalling with High Ticks. No Long under day high.
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Stalling, may drift up. Expecting another drop test by EOD. 1st Short did play out well, may be set up for the long bounce. In other words, may do it again (potential fail).
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Crucial point for NAZ and this what I have been waiting for, NAZ at long term TL and will need to pass. This may take all day and may rotate around with fake moves. Should it pass, NAZ will climb higher. Should it not, NAZ will go back down. NAZ appears to be loosing steam, this may not matter as much as other 3 are up. 10YN is working against NAZ.
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2nd hit and DT forming at 15335, lets see how it plays out. 10YN is at low and may drop further.
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NAZ is passed TL by 20 points, looking for retest to confirm. Picking up some PA VOL divergence. 10YN dragging NAZ, other 3 are up. NAZ has only moved up 4 points in last 3 hours.
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NAZ 20 off high and retested TL, Good for Long should it hold (your call). Other 3 at highs. All 4 may come off or continue higher. Going Short is next option, as momentum has slowed.
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NAZ sitting on TL, 30 off top.
Trade closed manually:
10 under TL at 10 to close, weakness. Look for redirect to lower over next 2 days.
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NAZ true Open gain was about 80 points. Take away Overnight. Look for less Overnight propping tonight and we should see some negative PA by open.