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
For MNQH23, Asian traders appeared to have purchased this contract, and subsequently, European traders engaged in mild selling through the 0500 EST hour.
Today is likely to be an impactful day for economic data, as Chicago Fed National Economic Activity, Gross Domestic Product, and Jobless Claims data are out at 0830 EST. Even though the economic trends have been bearish for the Chicago Fed, no one really knows what this group of data points will bring. All I can do is to see what reasonable price movements might be in the context of previous price movements.
If MNQH23 can remain above 12118, it is possible that a retest of 12226 could occur and perhaps include a rally to 12274.25. If the previous VWAP line at 12311 can be exceeded, then 12336 could be reached by Friday.
If this does not occur and sellers become active, then it is possible that 12116,12048.25.12000, and even 11938.50. If that happens we will have basically made a round trip to where the rallies began to occur on 2/22/2023.
I will not speculate on which way it will go at this point. All I will do is look at the volume profile and price momentum and if the trade plan lines up with a trade, I will take it. If not, there will be no trade. Strangely, I got the boot for the minimal stop loss on a long trade, but life will carry on. It has been a mildly profitable week, but not every day is a winner. I will step up to the platform again today and press forward as always.
More will be coming soon.
Economic Data Courtesy of Econoday dot com
3-Month Bill Settlement
6-Month Bill Settlement
52-Week Bill Settlement
GDP
8:30 AM ET
Jobless Claims
8:30 AM ET
Chicago Fed National Activity Index
8:30 AM ET
EIA Natural Gas Report
10:30 AM ET
Raphael Bostic Speaks
10:50 AM ET
EIA Petroleum Status Report
11:00 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
Kansas City Fed Manufacturing Index
11:00 AM ET
4-Week Bill Auction
11:30 AM ET
8-Week Bill Auction
11:30 AM ET
7-Yr Note Auction
1:00 PM ET
Mary Daly Speaks
2:00 PM ET
Fed Balance Sheet
4:30 PM ET
The Fed notes Wednesday were pretty interesting. How the heck can anyone read and react in seconds much less minutes. Robots gone wild.