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
Inflation data hits at 0830 EDT today, and with all of the conflicting data regarding an oncoming “Fed pivot” (which shouldn’t happen if we want to quell inflation) or the statements by Powell regarding higher rates, no one can feel comfortable in equities bonds, real estate, or even Beanie Babies (or whatever oddity you’d collect or invest in for value).
I will leave that aside and just look at key levels to see what might happen along the extremes. I may discuss the rest on the weekend.
Aside from inflation data perhaps roiling MNQM23, We seem to have parked right in the middle of that range from 12048 to 12293.50 after hitting close to the extreme lows I estimated yesterday. If MNQM23 can remain above 12124.75, then it is possible again to take out 12215 and run to 12326, perhaps even hitting 12467.50 over the next couple of days.
If not, given the size of Monday’s late-day recovery in the US, it could retest support around 11893.75, and perhaps hit 11806.25, 11697, and perhaps even 11556.75 over the next couple of days.
Since there seems to be mixed messaging coming from Washington on policy and so much fear forcing some depositors to run to the large institutions, who knows what will happen? I am going to look at how the market reacts this morning, find appropriate breakouts that fit my trade criteria, and trade with an additional contract today. I picked up 38 NQ points yesterday on the long side and went about my business.
Until we see consistency in Federal economic policy, it will be a great place for traders to profit and a shaky place for long-only investors. There are too many politicos and madpersons (I would say madmen, but you know, all the ESG norms now) in government to expect a quick arrival of consistency, so I would not hold my breath looking for it.
That is all for now. As time moves forward, I will comment on economic policy. A lot of what we are doing will be corrosive ultimately to this economy in ways we never imagined it might (even though I became concerned back in 2009). Hopefully, sane people can address these issues.
Have a great day trading and a wonderful Tuesday overall!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
