The intraday price action momentum shifted yesterday at 15200 to the Long side. Expect it to continue as the "Dip Buyer" want to play and many others are still Short and will have to cover. NAZ will be on the expressway back to Box Top (below) should it get passed 15800 level. Box Top call is multi day period, near 16300 - 400, look short. On chart below, do not go short in the yellow arrow zone, this move will most likely happen in the Overnight, FYI. Play TLX levels as targets on way up and support on Pull Backs.
4 HR Chart
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IDS Dual 25/50, 50 chart yellow is Long call and whites are adds.
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Strong support at 15620 level. Should NAZ Drop & Pop, that may be the area of support. NAZ has a Diag TL here, usually has hard time passing these, so will drop to bounce through.
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Lets see if NAZ gets through TL here. May have to drop more to 600 - 20
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Looking more like original plan, lets see. I am long here.
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Strong Long above 625, stepping away
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NAZ got through TL, 625 Strong Long was solid.
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Flat now, use the tools.
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Another view, Flat on add still long yesterday adds. BOX TOP.
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Watch PA at TLX 15819
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1st rejection, 2-3 more no pass, heading south. Dip buy trade, no shorting today.
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At TLX, NAZ may PB 100 points if no pass, some divergence.
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Needs to pass and retest. Not clear just yet for next TLX.
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Stepping away. Until Box Top or clear turn, white arrow - buy when you see this.
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Reason for PB, NAZ way up compared to other 3. All need to be flying at same time.
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On 25 Rang Bar I use priceline on yellow (dots) this is short signal. White TL's are divergence, Drop usually follows.
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Not a buy, no white line.
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White line, Long developing but weak.
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White no yellow, stronger
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On 50 Range, Good setup needs to be to right.
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Double Bottom long developing at 55
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NAZ 600 points is 2 days from yesterday bottom, quite a run, just use stop here.
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Getting near express zone.
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15740 drop test, closing all Longs here.
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If you are Long NAZ needs tp pass TLX
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TLX retest here, watch Ticks.
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I do not like the close, as you can see. On 25 Range we has a Double Top and Divergence. Not good after this type of day, could be wrong final hour is a gamble.
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Odd, we have Yellow under the white dots and Divergence below. Could be propping and drop on way. If Drop, target is 15740
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Drop line
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Should NAZ drop tonight or tomorrow, 15610 is Support.
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Propping confirmed. This is an extremely narrow range for such a day. Whipsaw at the close, no push higher, not good. Could be stalling here. Overnight propping should happen prior to CPI.
@digicool, Thanks, watch Overnight may be some decent Propping.
digicool
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I really tried hard not to go short in the last hour. But gave in when it broke below 800. Seems like the fear left NQ in 24 hours. Not comfortable holding the shorts overnight. Have an order to exit at 780.
SaneusiRsebuN
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I tried shorting all day long, considering the very small loss I took, I'm happy actually. Worked on my shorting skills, especially SL management. But, damn, this market is hard to short today. Should have taken wider stops or cashed in on less points... Short again for final hour. Curious.
MAZing
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@SaneusiRsebuN, Just read, I never do unless it is clear.
I really enjoy this site and am new so I can't contribute to your knowledge but want to learn. Starting with what brokers do you people trade thru?
MAZing
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@Crusier26, RJO with CQG link to tradingview. Trade on chart, there are others should you care. Tradovate is good Rishab Sharma | Founding Partner 312-347-3877 direct | 312-347-3837 fax
digicool
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Powell put inflation as the top concern. All eyes now turn to CPI tomorrow. Likely going to beat 7% exp and then a big tank in the market. Leaning short for the day and most likely at end of day.