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
What did I say about exigency? We got a taste of it yesterday with the potential bank run on Silicon Valley Bank caused Founders Fund to run to find capital to shore up reserves. It ain’t exactly Lehman Brothers, but we could see more insanity as we continue to ramp up those printing presses again if President Biden gets his way on that insane budget proposal. We will see.
On tap today is unemployment, non-farm payrolls, and labor participation rates among other data. I am not going to speculate at all about that, but given the shakeup we had yesterday, that previous move has the potential to either accelerate a selloff or even cause a massive rally, but only time will tell. I will let price and volume momentum give me a clue and the volume profile and Fibonacci and price resistance and support levels give me an idea of a reasonable target.
If MNQH23 can get above the VWAP at 12040.50, then 12086, 12137, and if we can get beyond 12164.25 a rally back to the previous high of 12353.75 is still possible, and the sky above that is open again, back to 12621 early next week.
If MNQH23 can’t get above the VWAP at 12040.50, it could be a quick trip back to 11921.50, the 11821 VWAP line, 11804, and even 11654.50.
It all depends on who shows up this morning. I will take the side that my trade plan tells me to take, based on my rules. I will be mindful of the breakout zones that caused me to miss the short trade I was going to take earlier this week, and then we will see what happens, based on measured risk with stop loss levels.
That is all I have for now. Have a great Friday trading and with the day generally. I will be back this weekend.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
I could never get the spellcheck to accept exogeny, and I could not correct it after I hit the button. Exigency is NOT want I meant to write. I will have to pre-filter my posts from now on. I have tried to tighten up the production time, but I will have to add a step anyway.