Price, Price Spread, Lagged Prive/volume Spread, and Binary Price/Volume Indicator
Price, Lagged Price Volume Indicator, and Total Volume With 50 period Moving Volume Average
Fibonacci Price Scale and Targets
Overnight in Asia and in Europe, a rally has ensued, but as one can fee by the price targets and the VWAP lines, MNQH23 seems trapped in a bearish environment with some tops and bottoms confined by price structure and by VWAP lines. If this contract can remain above 10799 and get above price structure and VWAP resistance at 10858, then prices could in fact rally to 10892 and perhaps push through to a VWAP line of 10938.25, which is very close to a previous VWAP line of 10933. If that can be broken through, then it might be an easy trip, given the lack of institutional holding of contracts, to get back into an 11-handle at 11025.75 and back to a VWAP line around 11061.50.
If we cannot hold 10799, then it would be a reasonably short trip back to 10758.25 and then back to 10722 and even 10675.50.
If we break below 10608.50 however (and that could happen this week if sellers press), we may be once again on the hunt for the 9-handle, but that probably won’t happen until after New Year’s Day. There is a ton of room below, and I can discuss that this weekend.
I was net short yesterday and covered profits both long and short. Once I achieved targets though, I left the field and went on to other business.
I have no idea what will happen today, given job claims numbers hitting at 0830 EST, but I will only take trades that fit the volume and pattern profiles for Fibonacci breakouts above those 2 standard deviation lines from WVAP (something I did not show on these charts today). I have had a good week, and I will not risk profits that I do not have to.
More will be coming soon.