The drop test may not happen until Tuesday as Mondays usually follow the typical Friday flow up. KLOD is 17987 and FA below for a drop test from O/N upper/mid range. Red line is top of old channel and needs a retest hit. FA hit and bounce is white arrow to upper target and Short from there on Tuesday. I will update on Teams.
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Back in this week, waiting to see how O/R plays out this 1st 15=30M, will update.
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Mid of O/N Range is NTZ on a Monday.
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18040 level watch for no pas drop test short scalp
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NAZ is just not showing sign of dropping ( or lifting with any power). Juts let the Dead Zone do its thing to the upside and wait for stall out.
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18080-120 is TZ Turn Zone
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Volume is way off, look for selling to come in and add some volume. NAZ at 18075
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18040 and up may be typical clean out, Normal need to see stall reaction. Boring stuff lately, that is not the NAZ I know, back later.
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NAZ stalling and turning in TZ, may just want to load up 10-20 contracts here but could go higher prior to real drop. Coming soon though.
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Turned at TZ, do not BTD today
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Volume is still way lower then average, may get whippy and shoot up then lower.
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Keep in mind that Monday of next week is a Holiday and we could see a drop to pop back up by EOW and use the long low volume days (Friday through Tuesday) to rig the NAZ back up. Play 1, play 2 is rally now with big drop into weekend. Need to factor in the low volume O/N, Holidays, closed exchange days, etc. These usually huge Long days that you can't catch.
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TZ holding true, shake out most likely
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18040 and up to high was Stop Clean Out and now look for yellow Dot as target should NAZ pass KLOD 17987
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Drops have been sets ups for pops. Should that change, stay SHORT.
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Trust me, NAZ has no strength and will run to the O/N, Holiday or what ever it can to weasel higher.
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FA Hit
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The issue with trading these days is the the long day or hours will need to have activity and that is why the shakes outs happen in the range. Then they resume or run up in O/N. The NAZ intraday strength is weak and you just can't rig that forever.
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18040 retest may be next, rejection is good short. at 17970 now
Trade closed manually:
Short did play out after the STALL. The chart below is a Range bar (not time based), notice the yellow arrow zone vs the white arrow area/days. The narrow days are 1 sided (up and the wide days are 2 way. Look for heavy volume to show up (all lower).
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Next 2 stops or targets, going lower
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Good Luck today, NAZ did not below up here to begin with.
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2/13, NAZ hit top old high or range/channel. Can go higher and that is easy, BTD. Should we get real and NAZ goes back under/into the channel, look at 17731 and the TLX 17334. The 731 is Fed day top and all PA since has been lower and at strange times( O/N, Holiday, Fridays and such).
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Lift may run some as Friday to Holiday U Turn is very possible, BTD/FOMO into low volume.
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NQ wiped out 6 prior days, SP 5 and Dow 8. Nibbles up on no volume and Air Pocket pop. Volume is higher today, Long Trap was prior snail PA days, still will see tricks and potential U Turn in next few days.
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Lower Mid Channel may be lowest target during this drop. 17100 but doubt that as the O/N will offset all of this.
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684 hit and dropped to 646, watch reaction and look at 587 as final test before O/N Riggs back up
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O/N lift already starting, get ready for Holiday weekend U Turn later this week.