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
Overnight it seems the Asians sold off whatever bullishness there was late in the US Session (while stocks did not trade), and the Europeans began to buy it back this morning. The market seems mixed with a slightly bullish tint, but only time will tell as we approach 0930 EST in the USA.
On an hourly basis, if MNQH23 can remain above the 11568.50 VWAP line, then the odds would favor a rally to retest 11611 and have a shot at 11633 and perhaps 11661.50 or more in the next day or so.
If not, and the price breaks 11530 the VWAP line at 11509 and a Fib level right at 11508 would be the next target, and if that support fails, MNQH23 probably goes back to 11480 or lower over the next day or so.
If the bulls want to take charge, that 11711 price to break the bearish trendline, that I mentioned on Sunday, would need to be taken out. The bullish argument would become much stronger if this contract could take out the VWAP line at 11721. Only time will tell.
I did not trade yesterday and if I don’t see anything in either direction that makes sense, I will stand down and come back tomorrow. Trade plan and risk management are key to my and your survival in markets.
Not sure whether the Empire State Manufacturing Index will rock markets or not, but the field of play in terms of price action probably stays around what I mentioned, but no one knows for sure.
More will be coming soon.
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