MNQH23 Hourly Analysis and For 12/22/2022 - My Way of Analyzing Potential Daily Price Ranges

GDP and Jobless Claims may upset the punch bowl today, but seem to be constrained by price structure today

David Buffalo

Dec 22, 2022

Total hourly screen view with volume:

Total hourly screen view with price spread, lagged price volume ratio, price volume indicator

Price charts with Fibonacci scale and bullish and bearish potential targets

Because I am a little short on time, I shall cut to the chase.

Asia and Europe failed to rally MNQH23 overnight, and the hourly bullish price spreads are weakening as sellers appear to be taking advantage of the weakness (when looking at volume and the binary price/volume indicator.

If we stay above the 11350 VWAP line, then there is a chance for this market to take a run at 11389.75 and a chance for 11446.50. If GDP and Jobless claims seem to indicate a need to raise rates, all you have to do is look at the big bullish bar to the left and imagine a selloff potentially back to 11225.50, 11181, and potentially 11052.

I have no idea what will happen, but upon close inspection of that chart above, we never got past the 88.6% retracement line, which can be bearish IF sellers get going. We will not know the answer to that question until after 0930 EST this morning. You can see the market is contained between price structure and key Fibonnacci levels and VWAP lines. If incredibly good news hits, we could break out above to recent new highs, if not, we fall back through the price structure and Fib levels, potentially to new lows. If there is pre-Christmass market sluggishness, then we are stuck between the VWAP lines.

Who wins depends on who shows up.

More will be coming soon.

Economic Data Courtesy of Econoday dot com

3-Month Bill Settlement

6-Month Bill Settlement

GDP
8:30 AM ET

Jobless Claims
8:30 AM ET

Chicago Fed National Activity Index
8:30 AM ET

Corporate Profits
8:30 AM ET

Leading Indicators
10:00 AM ET

EIA Natural Gas Report
10:30 AM ET

3-Month Bill Announcement
11:00 AM ET

6-Month Bill Announcement
11:00 AM ET

52-Week Bill Announcement
11:00 AM ET