All hourly spreads with binary indicator:
Hourly Price with ratio and with volume:
Hourly Fibonacci Price levels and targets:
It seems that Asia and Europe have rather sloppily pushed prices higher. The key question today is will volume by US traders force prices beyond the Friday sell-off wide bar ranges and run once again above 11491.50 to take another shot at regaining a 12-handle later this week. Since Christmas is next Sunday, perhaps it could happen, but other economic data and a lack of trader enthusiasm might make things a slow march today and this week, leading up to Christmas.
If MNQH23 can remain above the VWAP line of 11370.50, odds are decent (perhaps over a coinflip) that we could achieve 11491.50 and run to 11550.25 by tomorrow and perhaps push to 11625 if buyers dominate the action. Those targets would be somewhat in alignment with previous VWAP lines. If not, the tendency of this contract to act like a bag of wet cement could continue if sellers dominate, and prices could fall below 11275.50 to a low of 11216.75 and 11142 by tomorrow if sellers hold the floor.
It all depends on who shows up at 0930 EST over the next couple of days.
If I do not see resolute volume on either side, I will sit on my hands in the morning trade, and perhaps look for a melt-up or melt-down in the late session.
I was profitably net short on Friday, getting bounced slightly and then selling short to capture profits.
We will have to watch the open and see what happens. More will be coming soon.
Economic Data Courtesy of Econoday dot com.
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
Housing Starts and Permits
8:30 AM ET
4-Week Bill Announcement
11:00 AM ET
8-Week Bill Announcement
11:00 AM ET
4-Month Bill Announcement
11:00 AM ET