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
Overnight in Asia and in Europe, MNQH23 gave ground to take back some of what had been gained on Friday, as traders gear up for FOMC meetings and other fairly important manufacturing, housing, and labor data that will hit beginning today.
The reason I shifted back to the “heavy lines” of the VWAP chart was to show you, despite the fact that we are still in an uptrend hourly, the significant pushback through levels of VWAP support (volume weighted average price for new readers) that we fell through in this contract.
If buyers can push above 11905.75 and 11938.75, it has a great chance of getting above 11983 and beyond to 12010.50 12045.50, and even the previous VWAP line of 12060.75 or higher today or tomorrow. If not, it could be a short trip back 11881.75, 11854.25, 11819 or lower.
I think plans to print another 1.7 trillion for omnibus spending have traders worried about what Jerome Powell and his merry band of Fed policymakers will say about rates. There is a clear disconnect between policymakers and the folks on the street who do not want to see their wages inflated away beyond the ability to afford basic needs as is happening now. Traders and investment bankers want lower rates to shove money back into the market casino, but that can only go so long. People want the pain to stop at the gas pump, the produce aisles, the meat counter, and their utility bills to stop. Fascist environmental wonks just want to pursue their psychoses over working people. Who wins that battle will eventually see the results in equity and bond prices. That war (among many potential ones to come) is only just starting.
I am going to watch the data and ignore the headlines, capture what I can out of price and volume momentum for any patterns I see, and then leave the building.
Yesterday I got booted on a long trade, but it did not damage my ability to scale this week, so I shall get back in the saddle and ride again.
More will be coming soon.
Economic Data Courtesy of Econoday dot com
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
2-Yr FRN Note Settlement
2-Yr Note Settlement
5-Yr Note Settlement
7-Yr Note Settlement
10-Yr TIPS Settlement
20-Yr Bond Settlement
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