NAZ Range, testing upper and lower range. Weakness or selling will pick up after the upper test failure. NAZ will most likely try for a decent bounce off lower range at some point, failure or stalling near upper will be followed by a significant move lower. Other 3 indexes are staying down, these will need to come off lows and move (stay) higher. NAZ 13600 is a possibility (next few days).
Comment:
Other 3 have bounced off lows and the NAZ has run up 120 points from its low, should other 3 run up significantly, we may see some shift from Tech to LC, SC, SP, this would add selling to Tech.
Comment:
NAZ failed to get through 14125 level (after 120 point bonce up), this was also strong resistance on Friday. This may have been the Upper test failure, watch for additional test or tests, down is next.
Comment:
Shift away from Tech, other 3 moving higher vs NAZ: Watch for momentum to slow and NAZ may fall.
Comment:
What we are seeing is: NAZ got moved up last week and others fell, now NAZ will stall and others will move up. Call it rotation, shifting or propping. just notice how much UP movement happens in Overnight vs Open Session. UP or staying UP, is harder in Open Session for NAZ. This will usually lead to sell off and then move up in Overnight. Potential Fade to Close and then Buy in Overnight? Just a thought. Maybe not today, but usually works out that way.
Comment:
NAZ in mid range of play, will have to decide which wy from here at 14050, may be sideways for a while. 14040 - 14070. Above 70 target 120
Trade closed manually:
For now and next day or so, the NAZ dropping to lower range of 13600 is off. The rebound of Dow, SP and RSL has changed this. 1st sign of weakness, get short. Today, Long from 14070 with close SL, buy dips today, NAZ should close here are slightly higher.
Comment:
NAZ at 14120: NAZ targeting 14010 for Bounce Higher. Close Long and Buy Lower. Not sure NAZ has strength at current level to go higher. DCA as it drops, if keeping Long.
Comment:
NAZ 30 PTS off High. PB Support at 14080, may not be enough for bounce back up. Thinking 14010 30 level.
Comment:
While other 3 could go higher, NAZ may do opposite. Other 3 may stall which would also hurt NAZ. Patience here, Long head fake set up is likely.
Comment:
14054 is Pivot, NAZ basically at Overnight High, Not impressive since we are many hours into Open Session. Do not get fooled.
Comment:
Upper Target 14155 and 70, Short not likely by EOD
Comment:
Long above 35
Comment:
Under 120 is key level, NAZ has had trouble with Level.
Comment:
Looking to Bounce, has to get through 120 and 35
Comment:
Long back to Top, Short to 14010 (or lower) would be next in Overnight.
Trade closed manually:
Closing at 120 level as I called earlier, Most likely NAZ will test lower in order to get higher. Failure down below or above will quickly change directions. 120 135 are key levels to stay above.
Comment:
Stay Long side above 14120, will update Tuesday by Open.