Curr: Cash Looking to: Buy @ 12,927
As of 1/8/21 close: 13,097.25
LAST WEEK: We suggested selling longs at 12,955 and re-entering on the long side after a pullback to 12,400. Stops on the new positions were to be honored on a close below 12,225 and the upside target was to be 13,250.
UPDATE: NQ futures eclipsed the projected ceiling we put forth in recent reports at 12,955. Using Fibonacci measuring techniques, and assuming this is a fifth wave higher short-term, we project that revised resistance will come in at 13,520 or so. Ahead of that test of resistance, we would look to buy dips to 12,927 with stops below 12,700 and would look to sell longs at 13,520. If an extended run pushes prices up to 14,100, we would initiate new short positions. The downside target on those shorts will be 12,600.