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
Yesterday’s late rally based on (I assume) nothing rocking the boat in terms of inflation already existing in U.S. economic data was followed by a selloff in Asia and continued selling in Europe this morning in MNQM23.
Hourly price spreads remained slightly positive this morning and that lagging price/volume indicator (ratio in this case) is oversold.
Retail sales (Redbook) data may force MNQM23 this morning, but really, it is anyone’s guess. There is a slightly asymmetrical bullish Gartley-like pattern that is forming at 0600 hours EDT.
Could that lead to new highs at day’s end? The volume will determine that answer and we do not have it yet. Let’s just focus on the charts to measure the possible extent of moves out there.
If MNQM23 can remain above 13335.25, then this contract has a chance to take out 13347.25, 13364, and perhaps 13386 and beyond in the next two days. If not, MNQM23 could fall back into price support around 13293 back to 13284.50, 13267.50, and 13245.75 and perhaps beyond that in the next two days.
My Plinko reference in the title relates to the very long bullish candles to the left of today’s price action. If things for any reason get crazy on the selling side, that entire price range below opens up again, and traders could fill the space. Will it happen? I have no idea, but as always in the time of insanely underpriced risk, Fed insanity, and seemingly critically impaired regional banking in the USA, ANYTHING CAN HAPPEN.
Don’t know what Plinko is? Here is an example. One of the many technical services I provide on this Substack blog. Don’t waste time with it though.
I got half a boot yesterday as I went short, and I shut things down with a 4 NQ loss. Not to worry, I am honing the entries with some help from the hourly charts, even as I use 15-minute charts to trade with. No damage was done and today I will saddle up again.
More is coming soon. If you have questions, leave them in the comments!
I hope you have an enormously productive and profitable Tuesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
What a nasty day for price action. Hope you got a few.