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’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
As Asia opened last night, there was a bit of a recapture of profits by short sellers, and by the time Europe opened, buyers returned in MNQM23. News overnight about the SVB buyout could have done that, but I think traders may just be adjusting to the fact that the Fed may be slowing down rate increases in an attempt to pivot, leaving the casino open again to cheaper money. It really is hard to say, given the inconsistency between Fed speak and Janet Yellen’s Treasury speak.
At any rate, the tone as we move to the 0930 EDT open is neutral to bullish. If MNQM23 can remain above 12822.50, this contract could return to the highs at 12976.25 and move to 13011,13055, and even 13103.75 in two sessions’ time. If not, we probably slump below that 12822.50 VWAP to 12814, 12770, and 12721.25 in that same span of time.
Interest rate news and banking news are likely in the backs of traders’ minds at the moment, but I will continue to see the best entries, being wary of the volume spikes of that that neutralize quickly gains you may have in trades that match my criteria.
I was booted on Friday and chose to stand down until the volume smoothed out. It was after my morning session had ended that it did and rallied steadily, even though I had been long in the morning also. Life goes on, and I will be there to meet it.
More is coming soon. Have a fantastic Monday and a profitable trading day!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
