July 22

Discord access link: https://discord.gg/UPbu6PZFDp

Today we saw an attempt at the breakout above the top of the 6232 - 6349 Balance Zone. The buying stalled a couple of points below the 6378 level/target. After the poor high at 6374 and a couple of hours of resistance at that area we saw a liquidation break that took us back to 6349.

• We now have Friday’s poor low and today’s poor high. Are we going to see a move to repair Friday’s poor low which could trap some sellers before definitive breakout? That’s what I will be monitoring for. Another scenario could be continued support above the 6349 BZ level which can then take us back to repair the poor high.

Bullish Scenarios:

• Longs above 6349 targeting 6378.

• Longs above 6378 targeting 6407.

Bearish Scenarios:

• Shorts below 6349 targeting 6320.

• Shorts below 6320 targeting 6291. I would then monitor for buyers at the 6300 psychologic level who could take us back to 6349 for another attempt at a breakout. Failure to find support at 6291 could take us to 6232 because of a “balance area breakout failure”.

Nasdaq:

• Longs above 23,400.00 targeting 23,538.00.

• Shorts below 23,296.00 targeting 23,127.00 followed by 22,958.00.