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
If you read yesterday’s weekend review , you know that we face a potential pivot south, depending upon how “hawkish” (in favor of raising interest rates) Federal Reserve chairman Jerome Powell and his gang of Fed governors are as they decide monetary policy this week. Lots of CPI and PPI data hits Tuesday and Wednesday, and the entire week contains jobless claims, mortgage and manufacturing data, and overall economic health indicators. Anything and I means ANYTHING can happen this week. I simply will not try to predict anything at this point, since there seems to be an overall incongruence in messaging between the addled gramma at the US Treasury (Yellen), the banksters at the Fed, and the criminal grifters in Congress and the White House. I will choose to project targets on either side of price action and watch the market unfold in terms of volume profile, and price momentum.
Asian traders idled MNQM23, and after a minor spate of selling early in the session, it seems buyers have returned in the 0500 EDT hour. There seems to be a slight bias toward bulls at the moment, though this market looks a bit mixed at the moment.
If MNQM23 can remain above 13156.75, it has a shot at taking out the previous swing high at 13191.75 and rally to beyond the 13228 VWAP line to 13256.25 and perhaps to 13338.25. Remember that this market has struggled to get past 13330 to rally into more open space below 13800. Will it make it? Only time will tell.
If MNQM23 cannot remain above 13156.75, odds might favor potentially a rather swift decline .given the large green candlesticks it can retrace, back to 13026.25 (the VWAP line) and potentially back to 13003.50 ( a price support level and a 78.6% retracement of the last hourly bullish swing). If selling gets concentrated, you could even see a retest of 12952.50, 12887.50, and 12805 over the next couple of days.
I don’t think anyone knows with certainty what will happen. I picked up 25 NQ points long on Thursday and sat out Friday as I did not think the volume would drive much action, which it did not.
That is it for now. It will be an interesting week to participate in the markets, MNQM23 or otherwise. If I see something that matches the trade plan, I will trade it. If not, I will walk away to focus on other business.
Have a wonderful and profitable Monday and a great week this week! More will be coming soon.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
