MNQH23 Hourly Analysis and For 01/05/2023 - My Way of Analyzing Potential Daily Price Ranges

ADP Employment Jobless Claims, Challenger International Trade Report Reported Today

David Buffalo

Jan 05, 2023

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 Scale and Price Targets

Yesterday’s volume patterns were wacky and overnight, MNQH23 did not do much.

I would think that employment data and factory orders data tomorrow may be the main drivers of crazy market action, though the ADP report today might cause some rumblings.

If MNQH23 can remain above 11971.25 the odds are decent that 11049 and with buyer pressure, it can rechallenge 11068 and 11113.50 and beyond.

If not, then we likely retest 11900.75 and 11855.25, with a possible outside low of 10797.50.

Given large hourly bars associated with Fed announcements, unemployment, and interest rate moves, we could see some wild action over the next couple of days. If volume is inconsistent, however, I will stand down. I did after getting booted in the early morning trade yesterday. As you can see from the wicks on the hourly handles, targets did not hold fast.

It may be that I wait until after the employment data is announced that I will trade. Hourly price ranges lately have been to wide to execute spread traps (that is, playing both sides and allowing the longer run (long or short) to play out.

I am going to be cautious until I see consistent volume. It will return soon enough.

More soon!

Economic Data Courtesy of Econoday dot com

Motor Vehicle Sales

3-Month Bill Settlement

6-Month Bill Settlement

Challenger Job-Cut Report
7:30 AM ET

ADP Employment Report
8:15 AM ET

International Trade in Goods and Services
8:30 AM ET

Jobless Claims
8:30 AM ET

Raphael Bostic Speaks
9:20 AM ET

PMI Composite Final
9:45 AM ET

EIA Natural Gas Report
10:30 AM ET