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
Now that it seems a new bullish tone has returned to MNQM23, there are hoards of traders on both sides (bullish and bearish) wanting to potentially press this market to new swing highs or perhaps to break key supports to break below 12500 to extract profits from price declines.
I am not going to speculate as to the size or even the decision as to whether to raise or lower rates at all. Instead, I am going to look at potential based on the Fibonacci scale, any patterns that are available to potentially exploit and to estimate the extent of the move.
Overnight, it seems Europe decided to sell MNQM23 back to support at around 12837.50 and sometime in the 0500 EDT hour decided to begin to buy again. If that were to hold, that might be the C pivot point of a potential bullish AB=CD pattern. As we all know, however, the Fed announcement at 1400 EDT this afternoon could blow all that to smithereens and selling could literally take the market back to and perhaps below 12711.75. NO ONE KNOWS ANYTHING FOR CERTAIN, so one must wait for potential setups as they happen.
If MNQM23 can hold 12740.75 then the odds might favor a rally beyond 12897.50 to perhaps 12948, 13012.25, 13083.25 (and would begin to break us out of the sideways channel we have operated in for some weeks).
If not, then MNQM23 could slip back to 12782.75, 12711.75, 12660.50, and perhaps 12596. What lies below that is near previous VWAP support around 12491.75. If things got insane on the selling side, all bullish progress made over the past week could be erased by the selling pressure.
Is the price move going to be didactic in terms of telling us the future direction of this market? Given the insanity of the Fed, the U.S. Treasury, and Congress, no one can discern that. You are simply going to have to look for patterns, volume momentum, volume profile, and price momentum to give you an answer. There are too many crazy issues happening at the moment, and any one of them can force a temporary shirt on them.
I captured another 40 NQ points long per contract yesterday, so hopefully, I can continue the streak and roll the rock forward another day.
That is it for now. Have a fantastic day trading and a productive Wednesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
