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
Hourly MNQH23 charts are showing that Asians and Europeans drained a bit of the excess of yesterday’s rally. but now are faced with three (count ‘em) three VWAP support lines and a bunch of previous VWAP lines clustered together from previous sessions.
Today’s challenge for MNQH23 is to determine if any of these support levels will hold to create some kind of rally as the year ends today, or if it will, based on some form of economic data or basic market fatigue, try to run back toward the 10608.50 lynchpin that held the countertrend rally earlier this quarter.
If MNQH23 can remain above 10946 and somehow push through 11022.25, it has a shot at taking out 11071.50 and perhaps reaching 11106.25 Tuesday if not today.
If that does not happen, we could indeed retest 10943.25 and head back to 10908.50 and perhaps make a run back to 10864, which would be very close to that old VWAP line at 10858. We need to watch that level closely. If that gets broken, then there could be a deeper selloff.
It seems to me that we may have found another point where support could hold for some kind of countertrend rally, but only time will tell. It all depends on who shows up today and who wants to trade before the New Year’s Day holiday on Monday.
There will be a full day of trading today.
Thank you as always for supporting this blog in 2023. It shows you what I do daily and weekly to prepare for trading. It may not be how you trade, but it shows you my structural approach for weekly analysis and daily trade preparation.
Since it is a requirement for me to do every day, I might as well archive it and let you look at it. I hope it helped and continues to help you in 2023.
Happy New Year everyone!
Economic Data Courtesy of Econoday dot com:
2-Yr FRN Note Settlement
5-Yr TIPS Settlement
Chicago PMI
9:45 AM ET
Baker Hughes Rig Count
1:00 PM ET
SIFMA Early Close
Farm Prices
3:00 PM ET