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
What looked like the blissful new horizons of a countertrend bull market in MNQH23 got knocked on its butt after New York hours by disappointing earnings forecasts from MSFT, There is also a ton of confusion from bond traders about Fed pivots, and fear and loathing for traders generally about market stance.
I am not going to worry about this as a day trader, I will instead focus on how the market will react via Fibonacci extensions and by volume and price momentum.
If MNQH23 can get above 11924.50, then it has a shoot at 11965, and beyond (even the 12005 hit yesterday). If not, it probably hits a wall around the previous VWAP at 11917.75. If it cannot do that, then 11752.75 11724, and 11687.75 are the bearish target levels that could get hit. The 11687.75 puts MNQH23 back under that previous daily downtrend line and would somewhat negate the breakout of the last couple of days.
Who wins, who knows? I do share Tim Knight’s desire for a truly organic market where value did matter, but those days are gone until the currency is restored to a rational value, criminals are prevented from running the Fed, Treasury, and Congress, and rates of return are allowed to more freely find their levels based on market action and not political or “social” dictates. I would like to be a shareholder not fighting a “stakeholder” like Klaus Schwab or Bill Gates.
I shall not hold my breath as I wait for that to happen.
More is coming soon.
Economic data Courtesy of Econoday dot com
MBA Mortgage Applications
7:00 AM ET
State Street Investor Confidence Index
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
Survey of Business Uncertainty
11:00 AM ET
4-Month Bill Auction
11:30 AM ET
2-Yr FRN Note Auction
11:30 AM ET
5-Yr Note Auction
1:00 PM ET