Technical issues have forced me to cut to the chase. It appears that price spread, ratio volume/price spread, and the binary indicator are all tending negative this morning. It would reserve based on how unemployment data is interpreted relative to its effects on real estate, but the hourly chart has a bearish tint to it.
If MNQH23 can remain above the 10865 VWAP line, then it has a chance to 10885 and 10914 with 10951 a target if buyers get active. The VWAP line that would stand as resistance would be 11003.
If it cannot hold, then a retest of 10778 is inevitable and a selloff to 10749 and 10712 is possible. If things get crazy to the downside this morning, it is not probable but certainly possible to touch the purple 10608.50 piece support area. There are larger gaps between congestion areas below that, and the hunt for the 9 handles is again on.
We can either bounce or sink today, depending on how active and how dramatic the economic data is.
I was profitably short yesterday, but if nothing shows today, I will stand down.
More will come soon.
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