That was not THE Bottom. Long above 11509 (White line and top of channel) and Short below. Strong Short under Box Bottom (yellow line) and Strong Long on hold at yellow line, bottom of channel is lower target. NAZ expanded the channel on upper and lower, Mid Channel (red dash) is likely target for support. Today just did not have enough force on the action higher. Month end and Quarter end should add some power, intraday. We still have not seen a limit down O/N session during the 9 month Bear. I am not sure that this have ever happened with prior Bear's.
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Expect some prop tonight and some pop tomorrow. The intraday PA push pull did stop early morning. The machines have changed, careful with shorting.
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Key Levels tonight for O/N
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Long at 11538 to 68 is 1st trade, should pass and try for 11614. Expecting O/N prop into tomorrow.
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11510 Top Channel Bounce to 38, 68, 614.
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11510 got to 11550 and dropped to Pivot and Box Bottom. May be drop test for bounce back up. Or this is why I was not liking the weak PA today in Open Session. Most Likely today was just another Pop Drop Offset. Should the NAZ bounce off 11440, that would be a Strong Long.
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NAZ is playing the Drop Test and may Pop back up. These happen after a big day and new trend to see if dip gets bought. 11436 is 1st target up from low, you will know if the drop gets bought quickly.
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11385 is Long Above, may see retest.
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Retested 85 and up 30 points
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Was awake for some and feel asleep, just back. OK, NAZ is in Channel and looks like KL 11385 is now under and looking at bottom channel. Scalping Longs was working O/N, looking true short after stalled lifts. Red Line on Chart TLX is a potential target 11201.
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I just re read my opening paragraph, pretty true to PA so far. I have noticed that our idle chart planning thoughts tend to be more accurate than the live/intraday thoughts. This is simple and the wiggles shake us out and loose sight, I need to work on that. Anyway, yesterday was boring, annoying, slow and just seemed off. That was clearly an offset set up and I should of kept my 4 Short at 11595. See how we get shaken out.
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Looking Like 1 way NAZ, opposite direction from yesterday.
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KL 11262 did bounce some, watch the Mop. Thinking lower yet.
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262 pop, stay short under 288
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YTD low is just below and why would they not just hit it??
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NO DZ Magic Lift today, stay short.
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TLX may bounce, 11201
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11175 may be a Hold/Long Scalp. Target 11262
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NAZ hold above low, It will test 11245, Bottom of 1st 30M
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11170 did Hold, you may want to consider the Long side should this keep holding.
Could see decent bounce and DZ magicians will step in to try and stabilize this. 11245 1st Target past TLX.
Could see decent bounce and DZ magicians will step in to try and stabilize this. 11245 1st Target past TLX.
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Result on scalp
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It is fixed , play the lines as targets
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Last sequence was a Long to bottom of 1st 30M, common test. The second would be to short from 1st30m at pass failure. Now the NAZ may decline to low or further or try 1st30m again.
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Notice how NAZ is rotating around TLX, may turn here and many times does at a TLX.
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This could be play, then short from TL.
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Expect test at 11243, pull back prior to test are fake and will reverse quickly and approach 11243.
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Use a stop, but the above statement is how they shake you out of trade. You should always trade with a target in mind and usually a common target that many are looking at. Again, this feels like a long shake out more than a continuation lower short at this time. The bigger short may be from 11243 or 11320.
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Ticks are turning, NAZ may capitulate today by way of the DZ Magicians. That would actually fit 100% with this year and PA. Stepping away.
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11309 is likely above 262.
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Last sequence was again long to target and reverse or short at stall. NAZ looking like lower try now and the short from failure is perfect.
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Once you get these, you will see them before they happen. It is worth the practice and learning pain.
Trade closed manually:
11262 failure short was last trade. NAZ will not or can not lift. 10960 is a pivot should NAZ get that low. 10908 is TLX, BTD's are not ready or working today.
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11250 may be rollover level for the NAZ. Fit's well with TL and Channel rejection.
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Not sure today is the Bottom either, watch 11250 area.
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Snapshot of KL's.
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O/N stopped at KL 11254, 1st key attempt. So in the O/N the NAZ will try to get through key resistance that it could not during the Open. This is part of the propping plan and is why the O/N seems reset by morning at higher levels. So in O/N you have to reverse reality (on a negative day) and look long 1st. Many times this will actually bait the general investor. These investors (retail/institutional) do not care as they are Long Only 100% of the time.