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
I will try to cut to the chase this morning. With risk underpriced, no fiscal restraint in terms of a Federal debt ceiling, mixed signals that seem to indicate either a heating or a cooling of the economy, and criminals and grifters running the show on both sides of the aisle in Washington, what else could go wrong? Well, a banking crisis maybe?
I will simply try to estimate the extent of moves as the ISM purchasing managers index and the Fed prime rate announcement is made at 1400 EDT today. Trading overnight was flat until buying began, seemingly, around 0400 EDT. I think all traders are on pins and needles waiting to see what the Fed’s attitude is after what could be another 0.25% increase in the prime rate or Fed Funds rate. Yesterday the bears won, but today, who knows? There is enough craziness in economics, geopolitics, and general news flow to drive anyone nuts.
If MNQM23 can remain above 13228.25, it has a shot at regaining 13299.75 and 13334.50 and perhaps 13395.25 and beyond by tomorrow.
If not, I think that a quick trip back to 13111, 13050, and even 12972.75 are possible and beyond that to the downside by tomorrow. There is a bearish AB=CD pattern that ends around 13000, but I am going to watch things carefully if I get the chance this afternoon to see if there is a good entry that can be made.
I think future Fed policy may drive direction today, but instead of trying to guess, I will see what price momentum, volume/price momentum, and volume profile tell us. I tried to get short and hold it short early in session yesterday and got booted for a 4 NQ point loss.
I may look for an hourly entry this time and hold onto it through the session to get either the hourly target I measure or breakeven. If nothing shows up in the morning trade, I will sit on my hands. There will be some kind of reaction tomorrow that I can trade. I have a lot on my plate to do today.
That is it for now. More will be coming soon. Have a wonderful, productive, and money-making Wednesday.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
