NAZ back above my 2021 YE Forecast 14,800. PA since January 1st, 18 trading days of a 17% drop with 2 trading days of a 9% pop. This post is a follow up on 1/23 Q1 Post. Looking for NAZ to test these levels higher before any lower retest: 15065, 15240 & 15360. Any failure to pass any of these mentioned, start Shorting the NAZ back down to level on chart below. Many index/stocks (not Apple) are now at 200 MA or in between the 100 & 200 MA. Today is new month and potential placement new money (Long only retail) so careful with Shorting, you may be early. Today may be narrow as we are out of lower Box.
TLX Chart, 50% retracement is Yellow Arrow should we see some selling. Most likely a Drop/Pop set up.
TLX Chart, 50% retracement is Yellow Arrow should we see some selling. Most likely a Drop/Pop set up.
Comment:
Multiple hits from above on TLX 14859, may not hold and NAZ could fall through to TLX 14717. KL's today Upper 14929 / Lower 14465.
Comment:
Aggressive Counter Trade, Short NAZ from 14940 to 14960 with stop at 15025 and target 14859. Do Not take if you can't take the stop Hit. Looking at Drop to 14859 then Pop to 15080 level. Long to 15080 may just play out without Drop/Pop the way things are moving, just think it can't be that simple.
Comment:
If you took Short, Move stop to 14965. You should be in at 55 or 60.
Comment:
Short target hit at 14862
Comment:
Hold on Long for ISM.
Comment:
Long to TLX 14859.
Comment:
TLX Hit.
Comment:
Flat, data lagging on TV.
Comment:
Anybody getting bad data feed from TV.
Comment:
Careful on Longs, PA looking shaky like last week.
Comment:
TLX 14860, Short could be developing and head to 14717. Today whip is major.
Comment:
Look Short under 14915, NAZ no pass will drop.
Comment:
Drop/Pop was off. Drop to TLX 717 for Pop and Not 859, that is what is playing out. The Pop target is most likely not 15080 but under. KL 14929 may be it. Stepping away.
Comment:
Narrow, can't pass KL
Comment:
Most likely drop by EOD. Too lame to play today after 1st couple moves.
Trade closed manually:
100 point move in last hour, typical prop move for Overnight. Drop is near, like the Open call. I would not chase here. NAZ at my original Stop level on Short. No move up since Overnight high, not good,
Comment:
With IDS on an uptrend, Buy on the Red Bars and take profit on White Bar stalls. This is the opposite of what the decline looked like for January. Takes a few days to adjust to it, since we have had many down days. Not sure how high NAZ will go before a lower retest. This morning was a decent drop test.
