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
The key factor perhaps for market participants will be 1) how jobless claims may affect the pace of rate hikes that Jerome Powell wants to impose and 2) how accurate are the numbers at reflecting reality, which these days gets harder to perceive as the surveys differ so wildly as you may have heard from the podcast I posted yesterday.
Be that as it is, MNQH23 hangs onto and exceeds the 12549 low like a drunken sailor hangs off the railing of a battleship. If MNQH23 can remain above 12539, then it should be little or no effort to take out the previous 12703.50 high and have a run at 12755.50, 12821.50, and if it can break through a previous VWAP line of 12826, a run at 12894.50 and beyond over the next couple of days.
If not, a pullback to 12553.50, 12539, and even back to 12512.50, 12460.55, and perhaps even below the 12459.25 support to 12394.50 over the next two days.
As long as there seems to be a tendency (or the belief of the tendency) of dovish Fed policy, then the markets may press higher, if not, we know where the bottom of the tank is (near those previous VWAP lines at or below 11938. This is not a market driven by fundamentals but by fear, greed, and government intervention through news manipulation or confusion about it.
I will simply trade what I see based on breakouts, price momentum, and whatever the market profile delivers on price action. I am ready yet again to add a contract, so today’s profit or loss will determine that. I picked up 66 NQ points short yesterday, and then went back to work. Let’s see what happens today. I am grateful to be profitable for now. Things often change.
Economic Data Courtesy of Econoday dot com.
3-Month Bill Settlement
6-Month Bill Settlement
Jobless Claims
8:30 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
20-Yr Bond Announcement
11:00 AM ET
30-Yr TIPS Announcement
11:00 AM ET
4-Week Bill Auction
11:30 AM ET
8-Week Bill Auction
11:30 AM ET
30-Yr Bond Auction
1:00 PM ET
Fed Balance Sheet
4:30 PM ET