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
Asia and Europe did what they did to somewhat preserve Friday’s gains overnight, and today’s gains or losses probably still need to be measured against Friday’s backdrop.
If MNQH23 can remain above 10864.50, then chances are probably pretty high that 11186.75 can be retested, possibly on the way to 11305.25 to perhaps 11456 in the next couple of sessions. If not, a retest of the 10864.50, 10632.50, and perhaps even 10481.75 are possible.
At present, things look bullish and ever so slightly overbought, but as all of us know, I hope, anything can happen. Today will be a toilet flush or fountain week as the CPI data gets released on Thursday along with jobless claims. We also know that Fed governors this week will speak about employment and economic data, and we will find out whether the Bureau of Labor Statistics was lying to us last week as it did in December, when they told us that only 10,000 jobs, not 1 million jobs, were created in a previous 4-to-6-month span.
Some of the issues that Marc Faber discussed in the video in yesterday’s post (which you should read and get to the link for) could begin to get played out soon.
As always, unless I see volume consistent with pattern and price momentum, I am sitting on my hands. We will see if that rally continues (as there are gaps above current price levels, or whether or not the hunt for the 9-handle has begun in earnest.
Economic Data Courtesy of Econoday dot com
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