NAZ sitting on the edge, expect some propping and new money (Long Only) prior to drop. New Year, Quarter & Month, typically bullish. Chart, White dash ATH, Red Solid (TLX) target/turning zones, Yellow (Box since 11/21). The box zone is topping or consolidation??. Expecting NAZ to play between the 2 Whiter Diagonal TL's, sitting on good support now. Will update prior to Open with Key Levels to play.
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Prior Zones
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All 4 Update
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This year I will post updates when avaible, should there be activity. Tonight did have a bounce from Friday close and was rejected and then retested Box Top line (from under). The chart will show potential trades. The opening trade tonight was good for 80 and second for 40 (if you missed 1st one). Close at Box line and view chart below:
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Done for night. Just like on Friday, Buy at white arrow, let hit target and close at lower 2nd high (red arrow). The red arrow may be the short setup should NAZ not take out high, then Target Short is White Arrow zone. Should NAZ break above current high, it may attempt 16480 for test. Failure short it back down:
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So here is the follow up on the earlier chart, you can see how the NAZ will drop to create bonce to get higher, OK to to play this until near Open. I would suggest taking profit prior to Open, you can always renter.
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NAZ at Box Top again 16428, this level is a Key Level Mid, Upper KL is 16524 the NAZ needs to pass 16465 (Friday high) for any chance at the UKL, Lower KL 16358. I would not be surprised if the NAZ fails to pass MKL, drops near LKL and bounces back to MKL and breaks for a run at UKL. Long Only new Money, Month, Quarter & Year may be the engine today. MKL is your base zone today, look for NAZ to gravitate to and from until it breaks with a strong move. Friday I mentioned mopping and Long being next move, that was 100 points ago so retesting below could be decent move for a short. No clear trade here at MKL if you are flat or just entering.
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NAZ broke above MKL, trend is up. Caution near Open if you are Long, NAZ will usually start to sell off some, trail up with stop. 1st level to watch is 16463, passing may approach 16480 and UKL.
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6AM CT, NAZ may drop to MKL and bounce back up to 16465 or just try 465 from current, should it pass 465 will attempt to go higher, where maybe 524. If 524, this 1st trade would be a sell/short, this may take NAZ back to MKL for retest, most likely after Open. Should that happen, then 1st trade at MKL is a Buy/Long with Stop, should MKL not hold, next trade is buy/Long at LKL. Whites are Long and Reds are Shorts. Remember, Overnight is very different PA than Open and today's Open will have heavy volume. Do not get caught on wrong side today.
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Red arrow is 52 and PB Pull back trade to 28-30 for Long Pop back to 52, then 65 test.
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Active trade or add is Blue Arrow with Target (65) by Open.
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Close Long at Buy in should it not pass 52.
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Like I stated earlier, NAZ will most likely rotate around MKL today. Important as we get near Open.
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10YN is dropping and effecting NAZ, 10YN should catch support, if so then NAZ may bounce.
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You should of closed Long at Buy IN and not been effected by drop, next trade is Long at/near LKL for Long run/failure trade.
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LKL Long:
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Stepping away for awhile, you have the set ups and targets, not typing as much this year.
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MKL is so important today, Long above and Short below is a good structure. NAZ hit 65 then 80, no pass, is then Short back down, review prior notes for review. LKL (now 8:48 AM CT) is long only if NAZ holds.
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As usual NAZ gets propped in Overnight, then sells off after Open, Look for sideways to slow lift for awhile. Play the KL's as targets back up. My TV data is bad so out for now.
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As we enter the Dead Zone of the day, interesting Chart:
NAZ is still on edge, 16524 is UKL and verified with multiple TLX's to left. Blue Dots is the range, yellow are todays KL's. Today is an Outside day from Friday, could be strength?
NAZ is still on edge, 16524 is UKL and verified with multiple TLX's to left. Blue Dots is the range, yellow are todays KL's. Today is an Outside day from Friday, could be strength?
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The MKL has taken 7 hits and continues to be base zone. NAZ will break away from the area with Force by EOD.
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9th Hit to MKL, should it pass NAZ heading to UKL 16524. No pass, NAZ heading South.
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9th Rejected, watch level as hour changes
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General rule, if the NAZ has no pulse or movement it is usually near dead. Expect a BIG Drop or decent Pop. Recent range is about 15 points, very odd, buyers and sellers both , are not motivated. Watch the sell the Rip should NAZ budge up.
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10th hit, peeking through. Let it go up and retest, if you are not Long already. This could easily be a Head Fake so close if NAZ nits 16395 or more. You should use wide stops today and you should be up 150 Plus in points if you were playing the KL trades.
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Let the snail Long play out and move up your stop. This price action has zero strength and is very hard to take seriously. New rule, the slower the move, the more normal the PA, get use to it. Wanting to just Short this is a natural thought, just remember that we are in upside down times. Do not short just yet, move up your stop.
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TLX day, NAZ has hit 3 out of 4, one one above at 16540. Or back down to lower TLX or KL. As of 1:30 pm CT, Long with trail up stop for balance.
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Short trade with stop above 16530. That 10YN action will effect things.
Trade closed manually:
Reversed Longs at 16490, with stop at 16540
Feels good regardless of result, will update things tomorrow.
Feels good regardless of result, will update things tomorrow.
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Adding with Target below, will drop 1 at target and keep 1, commando with no stop:
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MKL is likely to get hit, FYI. May add more there or go long depending.
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If you followed me short, take profit at MKL or 16430, place stop at 16515.
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Closing Shorts, Flat.