July 21

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During the last 15 sessions we have been trading inside the 6232 to 6349 Balance Zone. If we exclude Wednesday’s session we can see that during the last 7 session we have seen acceptance completely above the zone’s halfback at 6291. In other words, we are seeing acceptance above the 6300 psychological level.

• Notice that on Friday we saw buyers defend the bottom of Thursday’s single prints at 6323.25. At the same time, Friday’s low is a poor low since it only has 1 tick of excess. This could mean that the down auction hasn’t ended yet. I will be monitoring for continued balance between the 6300 psychological level and the top of the Balance Zone at 6349.

• The most bullish scenario would be for us to see a definitive breakout above the 6349 BZ level which could take us to the 6400 psychological level.

Bullish Scenarios:

• Longs above 6340 or above 6349 targeting 6378 followed by 6407.

Bearish Scenarios:

• Shorts below 6320 targeting 6291.

• Shorts below 6291 targeting 6262.

Nasdaq:

• Longs above 23,245.00 or above 23,295.00 targeting 23,538.00.

• Shorts below 23,200.00 targeting 22,958.00.