Looking at a Double Top drop at O/N TYD High this week. Red lines are TLX targets lower. Looking for YTD open price level retest to be hit prior to next leg upward. Danger Zone 486 is Long above and Short below for now.
Note
Ticks need to get deep negative or NAZ is drifting up slowly. Note
Adding at 750 hit or near. Note
Load it up Short and hold your nose. Use a stop should Magic lift show up, if so it should drop later.Note
Staying Short for the Tuesday turn around typical drop.Note
Again, most moves will see a decent counter move prior to the Real/Actual move. We saw that last week prior to the 4.5% drop. Note
May hang for DZ retest at 486.Note
Since 8/31 & 7/1, volume has been about half of those 2 days. This may be the decent counter move prior the the actual move. NAZ is barley moving as if the market is not open. Note
8/14 Update, Looking lower channel break and TLX 234 retest. Keep in mind that the O/N limit down is -7% and we have not seen many in past 5 years. Should the Reg Session continue to sell off and the O/N switch gears, this can be a quick redirect. This and the fact that we have only seen low volume sessions and very little selling should favor the sell side. Tweets, games and such will be useless. Note
NAZ up 12% YTD and hit Long Term TL (Orange Line), 1 or so limit down O/N's and we are back to YTD Open. You have to take into consideration of the EXTREMES of BOTH directions and that would be the extreme case of a drop at this point. Think back to the 12% 10 minute up when the leak of the Tariffs 1st delay was played out. Or take that away and we are Flat on the year. Trade closed manually
FYI, some analyst's are mentioning Rate Hikes or the lifting of rates. This would not be good for Stocks/Washington Street. Staying Short below 24,100 and will let it run through the F-M Long Play. Will be out for next day or so and back on Monday. 843 and under is key and will retest this today or Friday. Good Luck and watch the Tweets. Note
NDX hit the TL and is under, need to see if F-M breaks down.Disclaimer
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.