Price, Price Spread, Lagged Price/Volume Spread, and Binary Price/Volume Indicator
Fibonacci Price Scale With Targets
We lost an internet connection this morning, so the graphic presentation was limited. Hopefully, this is resolved over the weekend.
Asia and Europe sold MNQM23 off this morning and it sits right at the VWAP around 13077.75. There is manufacturing and PCE data out today that will provide a look at the inflation environment, and that likely moves markets. To where who knows? I will simply attempt to estimate extent of movement in either direction and watch markets as they move to trade the opportunities as they occur.
If MNQM23 can remain above 13077.75, there is a good possibility that 13138.25 can be taken out and targets of 13172.75 and 13216.75. If not, we likely retest the lows at 13011.75, and potentially MNQM23 falls back to 12976.75, 12932.75, and 12884.25 (if a VWAP line, poorly marked, at 12898.50 is broken to the downside.
I picked up 31 NQ points long on fragile volume in the early session and I walked away. Trading the volume spikes has been tough this week, but it is what it is.
I cannot and will not speculate on what PCE does to price movement, but whatever it is it will likely test the resolve of Chairman Powell and perhaps clear the addled mind of Janet Yellen as to rate decisions. The fragile and bloated Federal deficit, and the nation, are on the line with every move.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
