Price, Price Spread, Lagged Prive/volume Spread, and Binary Price/Volume Indicator
Price, Lagged Price Volume Indicator, and Total Volume With 50-period Moving Volume Average
Fibonacci Price Scale and Targets
It would seem that the first part of January 2023 will be the battle to see if MNQH23 will reach the 12-handle of the 9-handle first.
Asia and, thus far this morning, Europe have helped to rally MNQH23 prices on an hourly basis, though the price spreads are still bearish as are the binary indicator, the lagged price volume spread, and prices could be nearing structural price resistance around 11071.50.
If MNQH23 can remain above 10951, it has a shot at taking out the previous high of 11051.25 and potentially 11107.55. If not, then we could see a pullback into 10947, 10923.25, and even back to 10844.25. If sellers get active, lows of 10844.25, 10788, and 10716 are possible.
If we break below 10608.50, the gaps become wider and price erosion gets larger. We will simply have to see who wins. We know manufacturing and auto sales are a bit tepid and that Fed notes may be tentative, but the hard data on unemployment, beyond JOLTS this morning, will come on Friday with unemployment data.
I am still afraid that we will continue to function in the world of the toilet plunger and the fountain. It all will hinge on rate data until there is a government that cares more about its citizens, the economy, and employment instead of its own control, its wealth, and its power. We will simply have to await the results.
I will trade in either direction of volume, price momentum, and a reasonably achievable price target. If not, I will wait until the next trade set up, and likely no longer than 1100 EST today. I have other business to deal with.
More will be coming soon.
Economic Data Courtesy Of Econoday dot com
MBA Mortgage Applications
7:00 AM ET
ISM Manufacturing Index
10:00 AM ET
JOLTS
10:00 AM ET
4-Month Bill Auction
11:30 AM ET
FOMC Minutes
2:00 PM ETbonacci Price Scale and Targets