This Box Shows Where Support Is Now

Posted by Joe Duffy | Jul 17, 2024 | Joe Duffy's Trading Advantage | 0 |

The attached chart is a 4 hour chart of the Nasdaq futures. The box shown is important. Both sides of the box were tested several times including a couple times that peeked outside the box on either side. These “peeks” make the box even more valuable as levels in my experience.

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Wednesday may have been an opportunity to pick up some liquidity by shaking out weak hands and having shorts pile in. We will be able to glean if that is true or not if we can close above the box for a couple 4 hour bars. If it manages that I think its a strong case for further new all time highs on earnings. If it fails then I think the next down day will be worse than Wednesday. Parameters are set. Buy TLT on dips.

Thank,

Joe

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Joe Duffy

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