The one sided lower volume may switch or add some selling, current pre Open volume is low and NAZ not moving or floating up. The yellow arrow is range for break out. The 1HR Chart below is still showing the "Air Pocket" Divergence that was pointed out 12/20 (before the drop). Games and tricks will be needed in order to keep the NAZ elevated, these will be tested with a downside move. I will update on Teams.
1HR Chart
1HR Chart
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FA's below and KLOD is 16965
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16998 is O/N ML
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One thing to always review is the EOD (prior day) % LOSS of a FAANG and the Prop retracement the following O/N. You will most always see the 50% or so lift, this is usually followed with a drop test during the Open Range of the Reg Session. This has been the pattern since the start of 2022 and is why the NAZ has held in there, the O/N is used to stabilize or prop the Large Cap Tech (which is the entire market, for now) back up until other sectors, indexes and such can begin to help out. Today look for any stall near O/N high to drop test even below O/N low, unless the low volume is one sided, again (Long).
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1st move O/N High rejected and drop test from here inside O/N Range.
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Slow float as usual, 2 YR Note auction today may be the excuse to sell.
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Stuck in O/N Range and needs to break or it will drop.
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17050, Bearish Divergence on IDS20. May see head fake snap drop.
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Drop offset is set and now may or can drop inside range .
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Sideways to lower as Rig Team is running out of gas.
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BTD/FOMO Forever #1 Drop
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17052 was High lets see if it holds.
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As you play this, look for wiggles and Spikes, direction changes prior to the bigger redirect move. These are the low volume type head fakes.
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17000 retest should show up here under High
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O/N Low 16964 to 17052, near 100 point move and expect a redirect soon.
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Once again, all O/N PA made the gains. Not Real. Do not get tricked.
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DCA the Short for a SCALP, Rigged.
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So slow you hardly see it, back later.
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17050, Short Signal.
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Long narrow range moves are usually followed with a big move out.
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Indicators are upside down so the lift may continue until push/pull snap.
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Still looking for 100 point move lower.
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17028 and under is stronger Short
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Current move from 16775 seems to be a easy retest retracemnt from test drop. This may be 1st lower target. Just remember that the 3 day lift prior to that drop only took 1 hour and this this lift is identical.
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Short Signal is back at 17052
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One thing to note as we wait, whenever the NAZ would go near KLOD and stay above, it usually keeps going in that direction for the day. There are times when the NAZ will rotate around the KLOD and make a direction change. That is the play this week and we would play the PA under the KLOD moving short.
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Upper pivot at 17115-20, may be where it is going. Look for some rejection and may not happen until Open Tomorrow.
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Funny, New ATH on no volume and mostly from O/N lift. This is how they do it and you have to wonder why? Major NAZ retest will show up in the next week or so if not by EOW.
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Stops above at pivot were the entry for Short, lets see how the NAZ holds above KLOD 16965. Back to O/R or ML O/R for a test.
Trade closed manually:
Just low volume games, look all week and drop near EOW.