Was not impressed with price action today. MSFT pop OK, but in O/N and not that big of bounce above day high. Looking for rejection at 12046 and drop back to lower channel 11640. Upper white is extreme high with full BTD & FOMO price action. Big range but only 300 with 1 way day. Drop would set up decent Drop/Pop for Thursday tech releases, which may help with a drop/test and run confirmation. Will update as we go.
YTD Daily Chart Channel
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YTD Daily Chart Channel
Note: For those that follow, after 3 years and nearly 500 Daily TV Post's, I will be ending the Daily Forecast & Intraday free service. I am moving to a private service that will use TradingView Charts, including my IDS Indicators. Message me if you have interest. I will continue some usual post's through the end of January or so, until new program is ready. Thanks for following and all your support.
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NAZ did hit Mid of Open Drive and failed (yesterday note)
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O/N looking bad, 200 point drop from O/N high. Chart below is 1 of 3 plays by open. I just do not see the NAZ dropping just yet, making it look like it did but still near recent price action. Open will fill in the gaps.
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NAZ rejected at 12010 not the projection of 12046. Same idea though, just way early. The idea is to get the NAZ lower and retest a lower level (I was thinking, 11650) we may go lower after Open. Once that level holds (any level lower than 12010), the NAZ may rally past recent high. This quick drop came after 1 company mentioned "slow growth", expected.
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IDS50 Kl's, Grey mid 1st 30M, Yellow Dash Daily POC, Thick Yellow Weekly POC. Past 750, 619 is in play. Back in morning. Wherever NAZ holds, expect a bounce. Trade at KL's in opposite direction after hold is best option.
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Looks like NAZ took lower of 3 options. 11650-20 is possible after Open with Open Drive selloff into close, earnings of Tesla and Pop back up (of course in O/N).
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Now all the sudden Bearish is the theme, Debt Ceiling drama did fade (may come back) in addition to the growth slow that we already knew about. NAZ will need a decent hold at major buy/sell zone, 11620 is 1st then 11450 would be next. Not saying we go that low, just look at KL's for bounce should we keep dropping. Mentioned yesterday that I noticed push/pull in price action. That usually shows up at/prior to drop or declining PA. Mentioned I would be out this morning in yesterday post, good luck and watch the circle in chart below. I will be back in afternoon.
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IDS20 view for the Scalpers. Notice the early Short signal at 11988, I missed as I was driving in a car. I need to get the IDS automated.
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Now the 2 big Prop days make sense. Today sell during Open Session (as it MAY pop, stall, drop) and look to go Long in O/N as knee jerk will pop back up (just like MSFT). After that may go either way. Not a guarantee, just a pattern.
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Last pre open note: Careful with BTD or Long trades, recent Vertical Prop was a big action and many times a bigger reaction will follow when the action was weak, quick, vertical, etc. Recent pop was only 2 days and not a solid base. This is another drop/test and buyer failure will lead to major drop (below initial Pop).
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Perfect expected bounce off target 11620. NAZ will stay between the 2 TL's. FYI just like yesterday the DZ Traders will usually take price back in old zone if new zone is blocked. Below 11620 level was holding or blocking drop, so next direction was back to comfort zone. This will be: bounce, stall, drop or drop, bounce, rally depending on earnings. Anyway, daily POC has dropped quit a bit today.
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Look for stall or look Short near under 11893 at no pass if close. 11788 Looks like an M, may not get to 11893.
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May see Wild ride here, Baby Come Back.
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Watch, no Short YET.
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DZ creepy crawl back to even or near then bam. May be the play here.
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Crazy but look back, Shorting near 12069 and the buying at huge drop to 11620 were best trades, another is in the works at a major run TOP. No pass of recent high is the place to look. Or yesterday Open Drive range.
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Watch 788 to 836
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11760 retest is likely. At Stall out.
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Next super high Ticks is usually the signal. No Short Yet.
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11794 is KL to drop below. 36 rejected.
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36 retest
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No Short Yet
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11880 is KL
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Should drop under 11880, stays under KL
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Trade but expect next move. Drop likley.
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Waiting on Ticks switch. Are back up some.
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Under 840 now. Been support.
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NAZ is Flatish, Still no 93. 2pm Ct is selling time and will be next clue. No Shot Yet, may run but can easily turn.
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Baby come back, some. 893 hit. Expected the bounce, lower should follow. Flat on Long. Waiting for short.
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MAX Stretch, BTD and FOMO's may see a Snap, crackle, drop. Just have to wait as they get slammed.
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It is is always the final minutes with huge push.
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Not much POP. Lower tomorrow.
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KL's are the key. Need to be patient and block the noises. Cross currents can be costly. Today was spot on.
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IDS50, today stayed under yesterday slop and weekly POC
