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
It appears the LEI was positive relative to interest rate policy, so the daily downtrend line was broken to the upside, and PERHAPS (as no one knows for certain) we have entered a real counter-trend rally.
Asian and European markets did not advance the highs, but selling began in earnest in Europe this morning perhaps to take the edge off of the rally and to cover profits. There could be a selloff this morning, but again, it could be traders ready to drive prices higher enough can get price and volume momentum going after 0930 EST.
If MNQH23 can stay above 11938.75, then 11983,12016.25 and 12058.50 are possible today or tomorrow. If not, we probably head back to 11886, 11860.75,11827.50, and 11785.00.
As I mentioned a few weeks ago, the gaps in commercial interests between here and a 13 handle are wide and such a possibility of that kind of rally exists for the next few days.
Although there are “rafters” of support from the 11800s to the the11300s, those gaps below are wide and we could be staring at 10608.50 and below if sellers decide to take the field.
This is my opinion and my opinion only, but we need to see earnings and real economic activity to rise again if we want to see any sustained rally beyond the 13600s (and I will have to measure that precisely as time moves forward), but for now, the bulls are likely going to have a ride. Only time will tell.
I was long and marginally profitable yesterday as the real action did not get going until after I needed to shift gears at 1115 EST yesterday. I will be ready again this morning to trade and scale, regardless of the direction my trade plan allows me to trade.
More will come soon.
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
PMI Composite Flash
9:45 AM ET
Richmond Fed Manufacturing Index
10:00 AM ET
4-Week Bill Announcement
11:00 AM ET
8-Week Bill Announcement
11:00 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
52-Week Bill Auction
11:30 AM ET
2-Yr Note Auction
1:00 PM ET
Money Supply
1:00 PM ET