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
Today is the 2066th anniversary of the assassination of Julius Caesar, the Roman Empire's first autocrat ( notice, not Republic which it was before he crossed the Rubicon). It is the day after Pi Day (as if that really mattered to anyone). Oh, and it’s not the 2067th anniversary either, there was no 0 AD. If I had said that, it would stress out all the math nerds in this audience (if there are any).
It seems our own republic has cracks in it, at least for the banking system, and now even the enclaves of the EU are facing a crisis with Credit Suisse.
It is hard to say what will happen today as markets are still trying to rationalize all the damage our political elites have done to banking, fiscal and monetary policies. I will choose to look at the charts and look to what extent prices can move in either direction.
For MNQM23. if prices can remain above 12124.75, then this contract could conceivably rally to 12374.50, 12430.50, and even 12501.50 if buyers control the action. If not, it could be a quick trip back to 12112.75 and 12041.50 or lower, back into the realm of the 11 handles.
We will simply have to see what PPI yields and what it will do to market action since all of that has an influence on what the Fed will do on interest rates.
We will also have to watch how the banking crisis unfolds. The Fed is where I thought it might be when I started to complain about MMT years ago. It has the choice of inflating the economy into oblivion with low-interest rates or destroying the US economy and the Federal government via interest payments on its insane and often criminally-generated printing of money and borrowing. If we taught basic economics in the United States, most Americans would have been aware of the insanity of what our political leaders have done. Instead, they were indoctrinated with insane notions of a government panacea for all problems. As the soon-to-be-retired Dr. Phil says “How’d that work out for you?”
Got the boot on the stop trying to go long a bit too early yesterday, but no real harm was done. If I see something to trade this morning, I will, but it has to meet my trade criteria.
Have a fantastic day trading and a wonderful Ides of March also! More soon.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
