NQM2024
With an EOD rally the bulls made some major progress in the NQ today. The late day push brought us back inside this massive 52 day balance we formed, starting in late February and spanning all the way to the second half of April. We not only pushed back into value, but we were also able to work our way above the first critical LVN, as we look to traverse this balance... Bull’s aren’t in the clear yet though, Just before the bell, bears defended the POC and brought us back just below the LVN with a close at . Could this just be a look into the mega balance and a rejection out, or will we find support above our LVN and continue to traverse upward?
Due to the fact we showed some rejection at the end of the day, i'm slightly bearish from an intraday perspective. Iv'e included a break down of what i might anticipate happening if we reject out of this mega balance. THIS IS NOT A PREDICTION, but merely a way to prepare myself for the move ahead, so that i am ready to strike when the opportunity presents itself.
As far as the long side goes, i would like to see us hold above the LVN, and reclaim the POC. If i'm seeing sellers absorbing on the 18282 re-bid, id be happy to get long and try to work back up into the LVN.
~ 52day balance ~
18448 LVN
18386 LVN
18201 LVN
18126 VAL
18470 VAH
18282 POC
Manage your risk, and be patient... Seek the Mundane