NAZ yesterday dropped 50 points in the final 15 minutes, we have not seen that in months. Earlier we saw high negative Ticks, big money is leaving. Sell/Short rallies. NAZ will try for 15606 and if rejected, will go to next lower support.
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Major moves in all 4 US indexes. NAZ at Key level, 15606. I use continuous which is 10 points off current NQ. Not sure why we got such a lift here, lets see if NAZ retest Lower box.
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NAZ at Halt as it have to pick a TL. Today may see lift in morning and sell off in afternoon. Not feeling the big drop just yet.
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They Overnight PA is not matching the Open Market. NAZ Dropped to Key Level 15606 and Yesterday Bottom of Box. Selling Rallies, would include the Overnight Propping.
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Still relatively choppy, the through off is the PA in the Overnight. This was clearly propping and used to offset the decline. I would recommend that you follow my overview and not get caught up in the noise. Expect the NAZ to be pushed back up before and after a big drop. This is not how the index will act in the Open session. NAZ moves in 1 direction per day, mostly. Volume is picking up, the NAZ is still in a narrow range. This will expand next week.
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NAZ can't get passed Key Level of 15606. It only did in Overnight and look how Overnight PA has held up. NAZ most likely (in normal days) will follow TL to Low.
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15512 is lower Pivot, FYI.
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15480 is next lower.
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Where are the Dip Buyers? Are Dip Sellers? So the game plan is that the Pro's will be propping up the market in Overnight and the selling their inventory in Open at higher prices. This is the whipsaw that we are seeing.
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15580 is ML, NAZ may go their for next round of Prop then sell (Monday).
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Cover and Buy.
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Drop targets for next week. No support on thin days that the NAZ went up big.
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Steam to downside is slowing, may bounce some.
Trade closed: target reached:
NAZ should of been down much more if you take out Overnight prop. Look for a lift in NAZ over next day or so, it may happen as this is just starting and is 1st down move of many to come. Next week should be good. Cover and buy was 20 points early, decent day. 15550 is ML, next target.
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They following will help to illustrate my original target close and how the Overnight PA offset some drop. After thinking about it, should the NAZ have fallen to the lower level, it may have triggered further selling and various algos. Next week will be full of great PA and volume. The Overnight PA/Lift made no sense, as I saw it climbing.