MNQH23 Hourly Analysis For 02/16/2023 - My Way of Analyzing Potential Daily Price Ranges

Jobless Claims, Philly Fed Manufacturing Data, and PPI are out today. They all might move markets, but MNQH23 is locked into a relatively tight VWAP range. Will it break out in either direction?

David Buffalo

Feb 16, 2023

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

MNQH23, despite the tumult on Tuesday with CPI, has basically taken the upward path, I would assume giving an indication that this market still wants to reach beyond 12826 to a new relative high close to 13,000. Will that happen? Hard to say, as Jobless Claims. Philly Fed Manufacturing Data, and PPI, whether they are accurate or not, could provide an indication that Federal Reserve prime rate tightening must continue.

If this data seems to indicate no need for tightening and is predicated by this market remaining above the VWAP line at 12543, then the party at the MNQH23 casino continues, and we can break above the 12792.50 swing high, over the 12826 VWAP line to 12863.50 and 12954 (and beyond perhaps). If not, MNQH23 could come back to price support around 12567.75 and VWAP support to 12523.75. If sellers are aggressive today, then prices could fall back to 12460 and back to 12369.50. The VWAP line at 12311 should hold, but it all depends on whether sellers get really aggressive.

I will simply look at price momentum, and volume above a breakout point in the volume profile and follow the direction long or short to gain a profit if there is one to be had this morning. I picked up 57 NQ long yesterday, and once again, I get to add one more contract to the mix. No one knows what will happen next.

If nothing shows up, I go right back to work on other projects.

More will be coming soon. Thanks for supporting this blog!

Economic Data Courtesy of Econoday dot com

3-Month Bill Settlement

6-Month Bill Settlement

Housing Starts and Permits
8:30 AM ET

Jobless Claims
8:30 AM ET

Philadelphia Fed Manufacturing Index
8:30 AM ET

PPI-Final Demand
8:30 AM ET

Loretta Mester Speaks
8:45 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