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
Overnight, Asia jumped on the bandwagon and pushed MNQH23 through the 12311 VWAP and into a territory that (if the rally continues, WHICH IS, AS ALWAYS, UNCERTAIN), could allow this market to rise to at least the VWAP level of 12623.75.
If MNQH23 can hold above 12311, the odds are that the really should continue, potentially through the previous high of 12378.50 and beyond to 12406.50 and 12442. If not, then MMQH23 may retreat to 12276 and perhaps back to 12248 and even 12212.50.
With the exception of manufacturing order data today (which might have an effect if it is solidly negative, which again is uncertain). this should be a relatively uneventful news day unless something crazy happens. Most of the hard data including unemployment data and various measures of Fed announcements hit on Wednesday and beyond.
As I have mentioned over the weekend and in countless other places, we will probably be bouncing between price levels until Fed rate and monetary policy and Congressional budgeting and budget prioritization are done. That of course may be as probably as the sun rising in the west. Until that time comes and there is uncertainty over either recessionary or “soft landing” expectations, traders will have fun, and long-only investors will see more white knuckles.
I am once again going to be agnostic and simply wait for what the trade plan gives. I was long for 35 NQ points per contract on Friday and I walked away to other business. If there is nothing to trade, I will stand down.
That is all I have for this morning. More will be coming soon. Have a great Monday everyone.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
