Price, Price Spread, Lagged Price/Volume Spread, and Binary Price/Volume Indicator
Price and Total Volume With 50-period Moving Volume Average
Fibonacci Price Scale With Targets
Today will be the capstone day for traders in MNQH23 or other markets for which Fed policy seems to be the only factor for bullishness or bearishness. AAPL disappointed earnings-wise last night, which may have caused Asian traders to shave off the nice end of US session trading excess in profits to the downside. Hourly price spreads are slightly positive in what looks like a mixed picture of bullish and bearish sentiment working into MNQH23 are we head to the 0930 EST US open.
I made a booboo on the Fibonacci scale chart that removed one previous VWAP line, but the white dotted line could be a Maginot line for bulls if that 100 NQ point area os support below 12581.75 is broken decisively. I have no idea whether that will happen or not, but you will have to watch that area as the day progresses.
If MNQH23 can remain above the 12826 VWAP line, then it has a chance to take out the old 12950 high and press forward at least to 13050 and 13177.50 by today or Monday. If not, one could see a relatively short trip back to 12481.50, 12354, and 12213.50. Those are all excesses of the kinder, gentler 0.25% Fed Funds rate hike.
If unemployment is tighter, I would assume it would make bulls worry, but quite frankly, all I am going to do is watch the market volume, price momentum, and breakouts consistent with Fibonacci expansions to the upside or downside, and any relevant price support or resistance.
I yanked out 80 NQ points long yesterday and left the platform. If I see nothing today, I will do nothing. I am now six weeks running consistently profitable, so I will choose to protect equity if nothing is there. My first job as a trader is to protect equity.
More will be coming soon. The Buffalo Trader’s News Aggregator should be out on Saturday as well as a short weekly review of MNQH23 price action here this weekend.
Economic Data Courtesy of Econoday dot com
Employment Situation
8:30 AM ET
PMI Composite Final
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ISM Services Index
10:00 AM ET
Baker Hughes Rig Count
1:00 PM ET