It has been a fun week posting and updating. Thought I would get this one out prior to the potential Overnight Drop that may play out. I could be wrong as the O/N usually lifts the NAZ back up with ease. Anyway, think that may change tonight or into tomorrow. KL 17670 is level to watch and Blue Boxes are zero support express drop zones, NAZ gets there and nothing real can support it. 17448 and 17253 are potential Turn Zones.
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NAZ does drop to lower of 1st No Support Zone and KL 17448 and then back to ML O/N Range, normal. Key today is the Friday usual PA and how it recasts to the Drop. The twist may be a drop until Fed Day with huge rally from lower drop. Need to see how the O/R plays out and typical Long Only Trade Zones. Chart below will show Long Set ups, white arrows. One may be setting up now so look both ways during Long Only Zones, they just only have the 1 play (BTD/FOMO).
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IDS20 View with KL 17188 Added on lower drop should NAZ not get pass Gap and 17670. Gap is near O/N Open, may fill and drop or retest 650-70 range.
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17580 Gap will be hit, 605-670 is range for Turn Zone and Open Drive. Inflation numbers are due at 7:30 CT. What ever the O/N range will end up being, the entire range may be in play during Reg Session. The O/N is the BOSS, Reg Session is powerless.
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4HR, NAZ inside the channel and mid to Top and center line. 17500 is a base with 17610 being resistance. Look for break out in range.
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17620 blocking, look short under 17670 back to ML O/R
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Scalp moves until neg ticks show up.
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Again, NAZ is O/N Range and zero real strength. Lift is typical Friday.
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580 drop is attempt to get passed 620
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580 to 670 is near 100 point play. No pass and strong short.
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640 retest
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Reg Session is the 2nd banana
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BTD/FOMO is fading. Only in O/N and just after 1st hour of Open. Getting smaller window.
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You will notice that 580-680 no go but 620-520 played out. 100 point moves are what to look for.
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540-440 maybe next at rejection
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540 rejecting the NAZ
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May see sell off today near close. This would be just crazy for a Friday and may trigger a major reaction for Monday.
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Most Tech stocks are all red along with every us Index
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Lower indicator does look Bullish so may be Short head fake, FYI. Use a stop.
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The Friday rally near close is and has been the norm for all of 2023, why change now. We will see, I should mix in other plays at some point.
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Looking like 540 retest for next move. TYPICAL, TOO EASY, BTD/FOMO still alive. It just will not die off.
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Look for 500-600 move if NAZ passes 540
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Back by close, Juts interesting that Reg Session can not get out of O/N Range.
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Same play book, Friday to Sunday to Monday Long Play looks like is happening again.
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O/N getting set to take charge over the weekend and into Monday Open sell off.
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Should Monday sell off at Open, the DEAD Zone will prop it back up and then Tuesday may be the bigger sell off. Just the pattern should the NAZ rally here.
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The white shade zone is the only Reg Session lift that was not part of O/N Prop. This is area to watch on drop, if that ever happens. The other yellow are all O/N lifts that have propped the current NAZ level. Current and prior 4 Reg Sessions have sold off.
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Total Prop from the new Boss, the O/N. Just not normal and will break down at some point.
Trade closed manually:
Closed at low and looks like we may see a lower O/N into Monday.