July 28

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On Friday we saw a trend day that resulted n migration of value solidly above the 6400 psychological level and above the current balance zone’s halfback at 6407. Buyer left single prints in the profile between 6416 and  6420.75. The top of these single prints adds confluence to the 6421 BZ level. They also add confluence to Thursday’s high at 6418.25.

• As of the time of this writing, we are trading near 6450, which is the halfback between the 6436 BZ level and the top of the Balance Zone at 6466. If we were to open here, it would mean that we continue to see the breakout above the prior Balance Zone. It would also mean that tomorrow I will following the gap rules. I will “go with the gap” if it doesn’t get filled.

• If we were to trade back inside Friday’s range, then my main focus will be either on the set of Friday’s single prints or on Friday’s high at 6431.

Bullish Scenarios:

• Longs above 6421 or above 6436 targeting 6450.

• Longs above 6450 targeting the top of the Balance Zone at 6466.

Bearish Scenarios:

• Shorts below 6407 looking for the repair of Thursday’s and Friday’s poor lows targeting 6378.

• Shorts below 6378 targeting 6349.

Nasdaq:

• Longs above 23,420.00 targeting 23,538.00.

• Shorts below 23,500.00 targeting 23,296.00.

• Shorts below 23,296.00 targeting 23,127.00.