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
The only thing that perhaps saved MNQM23 from further decline yesterday was Meta’s positive earnings announcement, and overnight Asia and Europ continued the rally which has led to a potential retest of the low side of that VWAP barrier at 13055.
PCE and durable goods data could cause volatility based on its effect on future Fed rate policy, but I think to speculate on direction is again a fool’s errand. I am going to stick with what the charts tell me and deal with my worst enemy which is erratic volume.
If MNQM23 can remain above 12973.75, then 13016 can certainly be hit, and perhaps MNQM23 can get to 13057.75 and 13110.50 and perhaps 13169 or beyond in a couple of days. If not, you will likely retest 12888.75,12863, 12821.50, and perhaps even 12768.50.
Once again, there are wider gaps to the downside than to the upside, but news affects EVERYTHING AND NOTHING IS CERTAIN. Meta earnings is an example of that.
Erratic volume was my biggest enemy in early trade yesterday and it cost me 10 NQ points with the boot from a long trade, but really no harm was done as I shut down trade and moved on to other business. The risk was mitigated. I am still working on hourly strategies that I can attend to less aggressively when morning trade becomes volatile as it did yesterday.
More will be coming soon. Have a happy and profitable Thursday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
