The Assault Continues...

Well Traders, the Huns of the $NDX have been relentless. Today, the index moved up 10 points to close above $1,750 at $1,751. Fortunately for me, the weekend will give pause to the battle raging (and burn some time value too!) and allow the "Great Wall of $1750" and "Helm's Deep" of $1761 regroup and hopefully, repel any assault next week.

Here is the chart:

As you will see, the pink oval has highlighted the last four days of battle with my Strong Resistance point. While the barrier has been breached, for now it has not been overrun. That is good. I need for this level to maintain resistance for a few more weeks to allow the time value to burn off and the trade to become profitable.

You'll also notice how the last few days are closely riding the lower support line for the Ascending Channel. This may indicate that $1750 and even $1760 may fall. However, with STO high and beginning to fall, I may get lucky and have this run-up lose steam and fall away, which would be sweet!

So far things are okay. They could be better, and they certainly could be worse. Let's see what next week brings.

Enjoy your weekend!

Happy Trading!