NAZ got within 50 points of ATH, then dropped 120 points. Look for NAZ to turn at TL X's (Red Lines). May retest upper TL X or ATH with some Overnight "Propping Dust", prior to next turn and then drop. Drop may be the bigger play than the Pop up. Will Update near Open. Aggressive Overnight Trade: Short Set between 16360 and 16400, SL at 16460.
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KL's 16380 Upper / 16620 Lower / opposite trades from KL, look for NAZ to get between KL's and work up some strength for next move. Remember, Only GAINS in Low VOLUME OVERNIGHT for the NAZ, NOT REAL STENTGH do not fall for it, This is the "Prop Dust" that I mentioned. Thing is, it has been working lately because the Retail investor is somewhat euphoric. Pro/Institutional is waiting to cash in.
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Which White TL will play next, Pop/Drop off Upper Red or Drop/Pop off lower Red? There is always the Drop No Pop, we have not seen this one in a LONG Time. May slip in for a Holiday visit.
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Short to 16380 50 for reverse bounce test.
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NAZ bouncing off TLX's use as reference. Stay Short, Sell rallies. Less typing today, Stepping away.
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Long only above day High.
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Tried to warn you Longs, Here we go. Test 2.
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16280 is not unlikely.
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Overnight Prop Dust is getting Dust Busted. Watch the Ticks, many more Longs will convert today/tomorrow to the Dark side.
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NAZ has a very hard time with Diag TL's. No Prop Dust after the Open so the true strength gets exposed.
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NAZ may bounce off 16310.
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Not Feeling serious Short Opportunity. Would of happened by now. My style of trading is Entry to Target and Flat. Here should NAZ stall or stay under 16400, I may re short. Mid Day drifts are like Overnight and are full of mystery. Stepping away.
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Sounds Crazy, Start Shorting 16480 -16500 level, just walk away and put your stop were you are comfortable.
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Daily gains above purple, below purple to lower while TL is the activity that is generating the push up. This should shift and you can see that those that get caught on wrong side of Purple will be in Pain. Play the intraday and not the headline news or Tops. We should be shifting direction soon.
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16450 is value area high, needs to pass, currently struggling with negative cumulative volume. 2 -2:15 CT is usually selling zone. Trap set up, watch Ticks if you are Long. 16350 is max level low target. FNG1 is neg .50 and Russell neg .50, NAZ makes no sense here up .85%. Break 16425 for quick drop.
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Adding Short at 70
Trade closed: target reached:
Traditional intraday dynamics continue to be disconnected, this will come to an end, soon. Easy ride dip buyers will not like it. Short developing, so let it climb is the view for traders. Next move, back to 16360.
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Adding 3rd Short at 74
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Example 20 minutes to close and negative delta on volume and price is rising, not normal and can be manipulation.
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8 to 9 days on typical pull back, still feels like a Pop offset, watch propping in Overnight, if not the NAZ will get ugly:
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Target 1 and 2:
Update, 2 rolling 2 may follow: