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, Asians decided to press to new highs but basically failed to hit that daily target high to finally punch through that imaginary 11711 daily downtrend line, stopping at 11693.25. Europe thus far has only sold off marginally, so approaching the 0600 hour, the price trend is still bullish even though it looks like there is selling as we move into the US open at 0930 EST.
We now have three VWAP lines providing support, one at 11618.75, another at 11568.50, and the last at 11509. If we can remain above 11618.75, I think odds are good that 11693.25 can be taken out and highs of 11724 and 11762.75 are possible in the next couple of days. If not, the price will probably fall back toward 11582, and if sellers press, it could lead to lows near 11551.75 and 11513.25 which is close to the lowest VWAP line.
The PPI could cause some ruckus as it is tied to the Fed interest rate policy, but we will just have to see what happens. We might break out today to smash the old daily downtrend line on MNQH23, but only time will tell. There are idiots in Washington capable of screwing anything up, so I will follow my trading plan and stick with that.
I was successfully long yesterday morning and the scaling of equity continues.
More will be coming soon!
Economic Data Courtesy of Econoday Dot Com
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