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
Asia and Europe took profits and nearly returned up to where we started this past Friday. If the 12039.50 VWAP line holds, then it is still possible to regain 12308 and 12387.50. If not, it could be a short trip back to 12016 and back to 11936.50. It’s even possible if bulls and bears get going en mass that the 161.8% expansion targets are possible by tomorrow if an event causes either side to become active. What we need to be aware of is the positioning of traders as the FOMC meetings begin tomorrow. That likely will set the tone for jobs and other economic data that hits on Thursday and Friday.
Yesterday’s writing basically expresses what I think is a disconnect between the person on the street and what is happening in the market. If the rally continues, I will ride with the bulls based on the data. If the bears win, I will ride with them. If you are vested only in one side ( for most that are the long side), be wary and hedge. When I post the Buffalo Trader’s News Aggregator either today or tomorrow ( as I am swamped with things to do), I think you will understand why caution is needed.
The world and specifically the U.S. Government is crazy at the moment. Let’s hope some sane ethical minds show up in time to sort things out.
More will be coming soon.
Economic Data Courtesy of Econoday dot com
Dallas Fed Manufacturing Survey
10:30 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET