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 volatile trade left Asian traders watching for other data and apparently, European traders were spooked by an uptick in inflation there and ( as I mentioned yesterday), traders sold right into the large hourly bars on the left hand of the screen and prices declined sharply.
In other cheerful news, credit default swaps rose to record levels yesterday in the US, and insurance risk eclipsed Mexico and Brazil. That of course sparks short sellers to get active. Shades of 2008 all over again perhaps.
I am going to focus on the charts to look for opportunities and not get wrapped up in the fears of long-only investing.
If MNQM23 can get remain above 13228.25, then 13286.50, 13309.50, and 13338.75 are possible high targets or perhaps beyond in the next couple of days.
If not, the previous low of 13202 likely will get breached, given the length of those candles to the left when employment seemed to show promise, and it will not take long for MNQM23 to hit 13179, 13149.75, and even lower in the next couple of days.
The game of Plinko indeed seems to be the game of the day in MNQM23 and other stock index futures markets. Without consistent monetary, budgetary, and fiscal discipline, Ship America and its fleet of markets and economic health are going to be tossed around like an old rag doll by a pitbull puppy. We need adults with higher-than-room-temperature IQs and a sense of ethics who care about the American citizens and taxpayers to repair the mess we are in. Just don’t hold your breath waiting for that event.
I took a 2 NQ loss dealing with the highly erratic volume of the morning session. I will watch carefully as the day progresses to see if it looks possible for a spread trap trade at 0830 EDT, but unless it really looks good, I may indeed focus on the more pressing business I have in other areas. It could be this way all summer, but traders need to be watchful and patient and not go nuts looking for every setup. I think that’s called discipline.
More will be coming soon. Have a fantastic and profitable Wednesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
