Will stay with Range and the Friday for Monday. The chart below is the NDX, red line is Diablo with yellow arrow, white arrow is Danger Zone. The move away from the DZ was a 20 minute 2,000 point move. One of the best U Turns in recent 5-10 years and well manufactured, to boot. Look at all Mega Cap Tech stocks, you can see they (major indexes also) are under a similar Trend Line. When the NAZ gets pinned between a Diablo TL & DZ, or U Turn needed support level, the games/tricks come out (like we are seeing now). Passing the TL (Diablo) up usually will take off like a rocket or snail lift for weeks (but will not drop). No pass and rejection will retest the DZ and look for anything to hold it (like a Friday- Monday sideways to Long). Under the DZ and we just keep dropping. Highly doubt the significant drop takes place as we are approaching "Buy in May and Go Away". Unless the old "Sell in May and Go Away" decides to return.
NDX

NDX
Note
Shaded Zone is Long above and Short below. Usually a tough resistance zone will try and lift higher in the off session and then retest in Reg Session. A break under in the Reg will drop and a hold will lift back up, no pass is a Short by EOD or early O/N. Once again, lift in O/N and sell off in Reg Session. This has accounted for most of gains over the past few years. Eventually the fake lift gets cleans out in hours or minutes. Trade closed manually
Thick yellow arrow is spike attempt to get through prior to the close, upper/lower yellow horizontals are range and look for retesting, needs to get through shaded zone. Looks like weak Long Trap set up (no strength), in normal days this would rip lower in the O/N (may expect the opposite today). Will update again tomorrow, BTD/FOMO is still active or at least for now. Disclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.