Indexes
Expiration: July 18th, the next three expiration constructed by Joel, are positive.
Moores’ 2C-P: Current Value at 69.0 versus 67.4 previous.
FNG-Cycles: Showing a high for today 18th /tomorrow 19th, that high certainly can extend until this Friday, July 20th due to the positive projection derived from expiration. Caution is extremely recommended on the long side.
We know how overbought stochastics are… so a fast and sudden pullback should not come as a surprise, but as a buying opportunity.
EW analysis:
TNA
While $TNA does not exceed 92.76 an ABC pullback on Atl1M
has minimum target at 79.95 with bearish target at 70.30. $TNA been lagging as we expected. Planing two entries, I think a spike to 75.12 is buyable, understanding that another entry at 70.30 has at least 70% probabilities to occur.
$TNA should not see such deep pullback
really should hold 79.95, but extended too much versus its peers $SPX/$QQQ, so probably needs a hard reset, that in no way should invalidate targets to 99/101 area, we have avoided $TNA and we will do well by avoiding it while it does not take 92.76.
$NDX, macro extensions
Line to worry on NDX is at 8067.3, the 4.764 extension OPL
, immediate macro supports to consider are at 7341/7286.1, and we don’t see major risks while this area holds. Operative Extensions considering year 2016 pullback .
Micro for $NDX
Applying same approach on $NDX support is 7165.1 on Alt1M
this is the count we have for all indexes, where the b wave was higher than the top of 1. While wordy, is necessary to say that if 1 up off the 6950 lows, support is 7184/7129 Alt3M
and that only adds strength to the standardized approach we using on all indexes, not much difference 7165 versus 7184/7129.
Equivalent important support for our trading vehicle $TQQQ is 60.40 Alt1M support is so precise that they overlap.
Important is to say that is necessary that $NDX breaks 6950 for we to press our accounts consistently once/if $NDX hits 6870, equivalent level of importance is 54.09 on $TQQQ Alt2M
, but I personally will re-buy any retest of 55 area, and will start repurchasing at 60.4.
So being more clear, support for NDX is 7165, equivalent to 60.40 on $TQQQ. First entry can be planned for this level. Breaking below 6950 we should buy 6870 on $NDX, equivalent to 55 on $TQQQ.
$SPX
Last but not less important, SPX Alt1M Shown in diagram:
, support at 2711, this support really needs to eat well and prepare to hold the avalanche, because if it fails things can get out of control. 200 Daily Moving average at 2685.27
Joel’s Bigalow Weekly: Weekly MA at 2716.56
Joel’s Bigalow Monthly: M-line at 2696.72, the 20 MA is at 2544.05
Baking Average of supports: 2664 for SPX and we get the standard 5% pullback we have seen through the years.
we have sent you supports for GOOGL/AMZN/AAPL/FB/NVDA/NFLX
Have to say that if our supports hold, this could be one of the best years for indexes.
Have a nice day.
Good luck
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