NAZ will likely test 15125, next. Should it break through Upper Box, View Target. Should it fail, view Lower Box Target.
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8/4/21 7:55 PM CT, NAZ moving toward 15125 (may be testing day high at 15107) and is also Daily Pivot. Could look to set Short at level with close stop as the NAZ may hit and travel south toward 15060 for Mid Level Pivot. Should this play out the short to 15060 could be reversed to Long as NAZ most likely will bounce to retest 15000 level prior to moving south with force. I am more Short bias than Long, let's see how this plays out.
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OK, recap of above comment: NAZ Short from 15102 target 60 got to 69 and reversed to Long. Long from 15069 target 15125 and NAZ got to 15117. I did not get this, I was asleep, hopefully one of you did. Points should of been about 80 round trip. I get the feel we are going to see some big moves today as NAZ fights the Top of Box.
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I haven't used these in a while, TL X. The X's are the Red Lines and are reliable. Should the NAZ not hold at 15073, it will most likely target lower X TL. You should be looking to Short near and under 15120 and buying near and above 15073. 15073 does not hold, next short target is 15007. 15007 is also the Dip Buy zone for "Dip Buyers". Should this play out we are almost half way down the box and direction is a tough one here. For those of you that caught the previous REC and picked up 80 points, be aggressive, executes trades near targets and let them play out.
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Don't underestimate Long side, many factors are looking Long. Should AMZN pop today, this will move the NAZ. FNG1 has been strong. Just an FYI and do not Short if price is not near 15125 on 1st. Red TL's could be great Long trade set ups.
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Note Re Drop & Pop: When prices are at a high, sellers are limited so the drop in price shakes out sellers and the speculators or institutions come in and buy the shake out, and up it goes. Every trade has a buyer and a seller, if nobody is selling expect the drop & pop. The lift is bullish, the drop can be confusing because it looks like price is dropping.
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upper 1st target is 15160. Hold on Short.
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Wait until 9:00 am, Should POP.
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No pop, expect Drop & Pop.
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Popping. Short covering to follow and next push.
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Head Fake Short, careful.
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AMZN moving UP.
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15075 to high is range, NAZ may retest 75.
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Retested 15103 and small Drop & Pop back up to 15136, should hit 60
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15120 is PB Support and next Dip/Bounce is final test. Most likely short covering will come in at level. Current high is 15153. Trade from Red TL X did hold for push through Top of Box (why I called off Short).
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15160 Hit, Next is 15250 (would not doubt it):
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Note: These may be highs of day, AMZN did not get in gap. EU Close will tell. FYI, when NAZ stalls, it changes direction fast when in New PA Territory. We are at all time highs and there is no buying history up here.
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Counter Trend Cal, Only if You Have Profit: Watch for high Ticks above 500-600 or 750 and start to Short, use 30-40 point stop 15160 to 15175 level. Target 15125
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Short may work out, pulling from Tech and giving to Russell. RTY was up 2%.
NAZ will run up to high and fail, could be many times (shake out, you will see):
NAZ will run up to high and fail, could be many times (shake out, you will see):
Trade closed: target reached:
Done for day, Basically on last trade we are looking to catch "Pop & Drop", we shall see, stay strong.
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Cover Short at 43 from 60
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AMZN moving in Gap, could hurt Short. Also 37 is strong Support.
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You can see that target to target trades work best. I hit and close and hardly linger in trades. Regarding Short, it was lingering and not my style.