Weekly [09/02] Study
My previous plan left off fighting for control at 6240 to spark a rally to ATH;
The Rally had started and its initial lift had reached as high as 6450.
This would become the next ATH Reference for Higher.
Very Bull : For (unfortunately) quite a while. SetU.
My analysis called for Higher and staying Higher.
The reality of its movements actually came back down to retest 6240 again,
Which then ultimately led the move for further ATH, above 6450.
6240 : Became the base of a +200p move.
6240 : Became the base of the next +250p move.
6240 : Remains to be the Low, and trading nearly +300p Higher.
I personally established many longs against our Pivots, whilst adding up Higher.
Buying High and Selling Higher has been a constant theme all year.
Those asking for more updates, simply aren’t patient enough to let the winners win.
The Auction at hand would be summarized into these Sequences
Support Established → Initiate All Time Highs
Retest Support → Initiate All Time Highs
Gap Fill Higher Low → Initiate All Time Highs
Three consecutive pushes have been met with Higher ATH.
Typically this would be seen as Bullish Development;
However this latest attempt Higher should be seen differently.
It’s unclear to me how much of an impact NVDA Earnings played in this role, but the Market was unable to initiate in either direction during this event. With this now out of the way, the market should be able to move more freely as positioning begins to get re-established into the Short Week.
Buyers have been able to lift Price Higher but haven’t been able to Initiate.
Sellers have been gaining traction at favourable location, forming Distributions above.
With a rejection from the Highs of 6500~ after a third attempt Higher, this may allow Sellers to gather the courage needed to revisit structure below.
There are two scenarios I am watching that will ultimately determine how I approach September + Rollover.
