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
As it turns out, Jerome Powell’s hawkish tone supported the U.S. Dollar in world markets and crushed U.S. equities, which potentially sets up more fear and loathing (known as FUD to this generation, or, fear, uncertainty, and doubt) with mortgage data, JOLTS and job quitting data potentially creating even more doubt in traders and investors as we move into Friday and pull out the unemployment and payroll data.
Hunter S. Thompson was weird, just like many in this generation are, but at least he was literate enough to use words and not acronyms. Back to market analysis.
I was not able to get filled on a short order at 1000 EST yesterday, so on that basis, I moved on to other things. What the selling did was once again take MNQH23 down below 12311 and it stopped around the 12140 VWAP line of old.
If we can remain above 12193.50 and can blow past potential resistance around 12226 (which should be easy, but who knows), we could see a rally back to 13111 and perhaps even 12356 if the news today is bullish and traders get busy and buy (that gap to 12311 is wide and could represent an opportunity to eager buyers if those buyers are out there.
If MNQH23 cannot stay above 12193,50 then it’s a very short trip back to 12142.25, 12107 12096.50, and perhaps even 12050.50.
As usual, if I see nothing, I will do nothing, if it doesn’t meet the trade plan. I will also not chase entries, as I did not yesterday, as a key entry mark was missed in a time of great market action. Chasing usually leads to disaster, so I just moved on.
More will be coming soon.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
