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
Yesterday’s MNQH23 price action tested previous VWAP support, gained a recovery about that mythical daily downtrend line at 11721, and stopped very near those 11917 to 11938 VWAP levels I referenced yesterday. (I caught the second major leg down, and then went on to other business yesterday morning).
If this market can remain above the 11906 to 11938.75 VWAP lines, it has a chance to retake 11963.75, it is possible to see 12061 and 12185.25 hit today. If not, (and if GDP and jobless claims, along with other manufacturing data are not rosy with respect to Fed rate policy or perhaps to earnings), it could be a relatively short trip back to 11826.50 where price support is, all the way perhaps to any of the orange boxes including 11507 which is near another prominent VWAP line (marked in yellow if it is tightly bound or has been hit before).
It is my opinion and my opinion only that this market is in weak bullish hands. Any hint of negativity drives sellers to this market like moths to the flame, and get is rescued each time it seems negativity is “overestimated”.
I have no earthly idea what will happen next. All I will do is look for requisite breakouts based on volume, volume, and price momentum near a 2 standard deviation breakout area in the direction representing that volume and price momentum.
If it is not there, I am not there. I will be looking this morning, however. It could be a crazy day, but it might be amazingly calm too. We will simply have to see what happens.
More will be coming soon.
Economic Data Courtesy of Econoday dot com
3-Month Bill Settlement
6-Month Bill Settlement
52-Week Bill Settlement
Durable Goods Orders
8:30 AM ET
GDP
8:30 AM ET
International Trade in Goods [Advance]
8:30 AM ET
Jobless Claims
8:30 AM ET
Chicago Fed National Activity Index
8:30 AM ET
Retail Inventories (Advance)
8:30 AM ET
Wholesale Inventories (Advance)
8:30 AM ET
New Home Sales
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
Kansas City Fed Manufacturing Index
11:00 AM ET
4-Week Bill Auction
11:30 AM ET
8-Week Bill Auction
11:30 AM ET
7-Yr Note Auction
1:00 PM ET
Fed Balance Sheet
4:30 PM ET