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
As Asia opened up last night, it appeared that MNQM23 was hugging the 13174 area, attempting in early European trading to break out from that area, but only falling back via selling around the 0400 EDT hour.
Manufacturing data might have an influence on price action this morning, but it is hard to know if MNQM23 will break out above the 13330 area I mentioned yesterday, or if in fact, it will fall back to VWAP supports.
If MNQM23 can remain above 13135.50, it has decent odds of taking out the 13228.25 VWAP line to hit 13255, 13309, and 13378 within the next two days.
If not, There will probably be a fairly strong pullback to at least 13077.50, and if selling intensifies the 13056 low will be taken out, exposing lower lows at 13002 and 12933 within the next two days.
There are strong levels of VWAP support around the 13077 to 13055 area, and below that in the high 11 handles and low 12 handles. Once again, not to be grossly repetitive, we need to get a handle on what U.S. Treasury and Federal Reserve interest rate policy is going to be and what the Congressional Budget policy is going to be. Until that happens, with the exception of very cheap well-managed stocks of companies that can grow past the economic and political insanity that the United States seems to emanate on a daily basis, there will likely be no satisfying trend, up or down, that will emerge any time soon.
I picked up 27 NQ points long on Friday and subsequently left the market to pursue other things. I am still going to watch volume accumulate in either direction before committing to a trade that looks to have price momentum following it. If that does not exist, there will be no trade. That strategy was responsible for the best trading week I had in the last two months and I think third best overall in 2023. I will endeavor to keep it that way wherever possible.
That’s it for now. I hope you have a profitable, pleasant, and productive Monday and that your tax returns sail off into the sunset happily today if you are filing in the USA, or that at least you filed for an extension.
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.
