4 big gaps in 7 trading days. A sign of struggle to find direction.
A broad range is formed from 1970 to 1200. Should the mkt move away from this zone (i.e. a breakout) then do not attempt to counter the direction of the move until after its objective is met.
2x the range means upside target at 1230 and downside target at 1940.
Yesterday by end of day I commented that some upside objective has to be met as 76 area was defended multiple times.
Here we are, overnight spike upto 85, selloff back down to 76, and zoom back up to 87, and then another spike high at almost 90.
Very wild AH actions – meaning that morning session will be likely as volatile.
First target for a day like today is 89.5 (R2) and then 95 (2x previous day range).
Do not attempt to fade the run up in between without proper money management. There will be ample time to short after you see some initial weaknesses.
AH high taken out.
If AH high acts as resistance now, ORL
NQ way stronger than ES.
NQ filled upside gap now.
89.5 AH high acted as support 94-95 next
The strength of NQ rejected any sell side potential and 1st target for long tagged. =)
There is no 2% sell troops, thus NDX tagging 2% at the moment do not translate to selling pressure.
Next upside target area will be gap fill around 97-98 zone.
ORH area should hold for the rally to continue.
Tick indices are in extreme buying mode.
A pause should happen soon.
NQ has reached its average range.
New high in 11 am is important for this to be a strong trend day.