1:25pm: Sure seems like TNA is well on its way to a classic H & S pattern, though I am not a chart pattern expert and don't know exactly how to get the 'measured move' portion of the pattern from it. TNA just moving above it's mini trendline... some upside to go perhaps as it currently rides tightly to the 7 ema?
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1:34pm: TNA at new HOD by one cent, (40.35) but stalled there. SPY and Q's showing reversal-type 1:30pm candles with elevated volume as they continue oscillating above and below S/R. TNA still in a tight channel at 40.22. No big volume candles shown yet, however. Could be the 11:45 and 11:50am candle volumes are what passes for the end of the run? Not sure...
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1:42pm: TNA showing some volume building and going red... indices showing red and touching their 17 ema's but on virtually no volume. What dynamic at work here, I wonder? A fake move down to generate some liquidity for the ones who want to move it higher? A tired market moving down with little conviction? Around 2:00 - 2:30pm there usually is movement started in the markets, so let us see what is revealed.
I really have to get to my taxes though... so I'm now done narrating the market for my future edification. Maybe a recap at the close.
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4:12pm: TNA zoomed up in the last half-hour of today's session. The 2:00pm typical movement was to the downside, taking it to a re-test of the 39.81 support before trending nicely into the close. It hit and moved through my $40.40 to $40.50 target area. The volume surge hit at 3:35pm to lift it up out of the consolidation area resistance level of 40.27.
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