The volume dried up yesterday, should see a strong bounce...
6269 Volume Resistance ...
Close to .50R and we have confluence there...
Posted 22 August 2017 - 08:02 AM
The volume dried up yesterday, should see a strong bounce...
6269 Volume Resistance ...
Close to .50R and we have confluence there...
Posted 22 August 2017 - 08:24 AM
AMZN and GOOGL pigs up about $5 premarket...
Trying to lock in that short squeeze...
Posted 22 August 2017 - 08:35 AM
So the other day on Friday, I described "Automatic Rally", a Wyckoff concept as what we saw off the low on the Nasdaq after the 6193 test...
That Autorally stalled, and we made a new low on dried-up volume yesterday... setting up this bullish spring...
We could see "AutoRally" kick back in here now, so don't be surprised by the big runup.
Nothing got proven with the deep penetration of support yesterday on vapor volume...
Posted 22 August 2017 - 08:46 AM
stupid stuff...
GOOGL up 10
Posted 22 August 2017 - 08:53 AM
After that light volume washout yesterday, there's no reason to be short here... If all you look at is price, you got the wrong idea on the low yesterday at 6177.
Volume rules...
Enjoy the rally...
I haven't made a trade since Friday...
Posted 22 August 2017 - 09:03 AM
From Today's Nasdaq Forecast:
NASDAQ DIVES DEEP INTO SUPPORT AS THE VOLUME DRIES UP - So we had a little bullish spring bounce here off the low today of 6177, and considering the length of this leg down now from 6374 which is close to 200 points, we can expect a strong bounce... If there's anything to it, it should be able to at least test volume resistance at 6269...
Posted 22 August 2017 - 09:14 AM
So the exact number is 6269.37
6266 here.
Posted 22 August 2017 - 09:17 AM
This is where you go wrong with PRICE-BASED methodology...
Some guys got their SELL triggered on price..
We had it a long time ago on VOLUME basis...
And because we saw that volume dry up...
We're out here watching the runup...
6268.28...
Getting closer
A further blowoff would take us 50 points higher...
Posted 22 August 2017 - 09:22 AM
So the exact number is 6269.37
6266 here.
So it was tested on what's going to be MUCH LIGHTER VOLUME (as expected too)
So... now we see if the market cares or not...
If it can continue to rally on this light volume, that speaks to the TREND still being in place...
But, we still have to close out of PROXIMITY... like somewhere over the .618R, close to 6300.