Narrow day today and yesterday. NAZ most likely will see stronger drop test to check buying sentiment. Usually NAZ dips in 1st 30M and then floats higher, watching for failure and negative close. The fact that NAZ did not get propped up in Overnight is saying something? Retest's are normal and bullish, it may set up go short and long. Looking for some wiggles today.
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White Lines are ATH, could see attempt, failure and channel drop. Just not seeing ATH hit and climb to new highs
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Upper Range: Yesterday high 29 and daily pivot high 61, NAZ getting pushed up since 3AM to 15420 level. Lower range support is 15370, short under 15350 and Long above. Short to 50 and Long to 61 should NAZ try for 50 or drop and hold.
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Likely play today is: drop, pop (failure) drop.
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Drop pop and drop, playing out.
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Lower high, fade rallies.
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Strong short under 15370.
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2nd attempt to lower, Short under recent high, may long back up.
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Update:
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Open Session has no real strength
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No prop in Overnight and NAZ struggles.
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Resistance at 20.
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Other 3 majors keeping NAZ up, watch for turn.
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short should NAZ not pass and confirm at 20
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next attempt to drop is at 20 25
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20 is key, short under with close stop.
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NAZ dropping on High Ticks.
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Mr Retail is falling for it.
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Shorts add
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Target 80 then 65
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Resistance now at 10
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No drop cover and redo.
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Here we go at 90. Stay or Cover.
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Should head south.
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Held, redo.
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Many hits with holding, look long.
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Long at 90 85 with close stop.
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Target 20, needs to pass.
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Stepping away, NAZ should float up. Add 2nd Long here. Use profit on Stops. Stop at 70 65
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Long above 90, cover at 65
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Final MOP at lower end. stay Long.
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Ticks turning, let stops play out, OK if used profit. 70 may hold. Deeper push by Inst.
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All Major Tech's turning Negative. Close long you used all profit. If not hang on. No pass back 70 close longs.
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This is 2nd attempt (and good one) lower test by Inst. Original plan was accurate, got caught think like a retail person (buy the dip). 50 is good support after that 00.
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For the brave place longs at 20 and 00. and at 12:30 CT if you can.
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Wow, lesson today (reminder), NAZ does not get propped in Overnight and stalls in Open Session, go short. The NAZ has zero strength in Open session (usually). It is mostly Overnight PA that lifts the NAZ. This is clean out of Air Pocket that I mention from time to time. Buying this is usually god.
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NAZ with 100 point range, about half to 3rd of daily. Look for retrace or drop and pop. I do not see NAZ dropping 100-150 points from here.
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Now you should be net positive or even. close stop as NAZ may retest lower.
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15370 is key level. Short under and Long above. If you are Flat.
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Above 70 00 close and below 50/40 close.
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Decent day with wiggles, mentioned at open. Stop management will kill you on days like today. Better to just add and reverse around the range. Just hard for me to explain as we go, easier to REC stops. Anyway, you all should be positive at this time.
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Looking Short for tomorrow, should NAZ Close under 70. Looking for all 4 to track lower in channel:
Trade closed manually:
Yesterday at 15400 we saw the 1st test lower and today we saw the 2nd at same level (lower drop test). Look for 15400 to be key level, anything under will keep pressure or tilt on downside, next test 15200. Any Pops from earnings will not mater, just like yesterday with Netflix pop (to 15427, did not hold). Look for propping in Overnight tonight (guarantee that is coming, may want to trade that).
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Shocking NAZ is dropping in Overnight, Pivot at 15315. Place Long there and target 51380, then short at 15380.
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NAZ at 35 now, 15342 is current Long trigger, should NAZ not reach Pivot. If Long at 42, expect fake to 15 and then pop. long at 15 may not trigger, long at 35 is safe with stop at 10 and add at 42 on way up.
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42 in play, Overnight likes to bounce from pivot to pivot. Real target is 15380. They like to play drop & pops. Should this play out, do not be surprised if NAZ does not approach 15420 or 40, then drop back to Mid Level by Open. Will update on tomorrow's post, have fun and do not fear this circus show.
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Got to 67 at 60 now, closing mine. Stalling out and good night.