The NAZ has been in the Box for 21 trading days and has gone nowhere. In other words, a person that had $100 invested in the Index 21 days ago, has $98 or $99 today. We have generated over 2,000 points during the same period. On 8/16, I called for NAZ to break out of Box and hit new highs. The NAZ pulled a Great "Drop & Pop" and is back at Top of Box.
Caution here: New price action territory is harder to fake or manipulate, they need real new buyers coming in to push price higher. On 8/16 the drop test was an attempt to test support and create some buying momentum that should help the NAZ with leaving the Box. The other caution is with the Holiday type light volume that existed this week. From the Bear side, you can now leave (sell) at all time highs. Bulls side, you think we are going higher after a light volume week and seeing a bounce that was in a 21 day range and PA has gone nowhere. The Bear side actually looks better or more sensible.
Just an update and a note, I will provide Monday call and will most likely be Long (ride the wave). Just understand the downside potential.
Caution here: New price action territory is harder to fake or manipulate, they need real new buyers coming in to push price higher. On 8/16 the drop test was an attempt to test support and create some buying momentum that should help the NAZ with leaving the Box. The other caution is with the Holiday type light volume that existed this week. From the Bear side, you can now leave (sell) at all time highs. Bulls side, you think we are going higher after a light volume week and seeing a bounce that was in a 21 day range and PA has gone nowhere. The Bear side actually looks better or more sensible.
Just an update and a note, I will provide Monday call and will most likely be Long (ride the wave). Just understand the downside potential.
Comment:
Nowheresville, all 4, Russell looks the best for upside:
Trade closed manually:
Back in tomorrow. NAZ out of Box and will retest Top of Box in next few days. Month end coming up and Jackson Hole meeting. Pop & Drop Set up, is possible.
Comment:
All 4 Update, Upper TL is long term TL and can be used as targets: