Price, Price Spread, Lagged Prive/volume Spread, and Binary Price/Volume Indicator
Price and Total Volume With 50-period Moving Volume Average
Fibonacci Price Scale With Targets
The volatility around the CPI data announcement was less dramatic than might have been anticipated ( assuming the data is accurate, which in my personal observation it missed a lot on the low side). Despite all of that, support around 11468.50 was strong despite the initial plunge to 11288.50. Overnight, Asian and European traders pushed MNQH23 higher than 11468.50 and things are modestly bullish at the close of the 0500 EST hour. If MNQH23 can remain above the 11468.50 VWAP line, then 11580 and 11659 are not out of range. as target highs. If not, it is not impossible to see a retest of 11288.50 or perhaps 11209.25 if sellers really get active.
We may see a consolidation of trader positions as the weekend hits today. Yesterday I got bounced for my allowed two trade entries long, and I simply walked away, as the volume was a bit variable. I will see if anything fits my trade plan rules, and if nothing does, there will not be trading today. We will see what happens at 0930 EST.
More will be coming soon.
Economic Data Courtesy of Econoday dot com
Import and Export Prices
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