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
After the late rally yesterday, Asia did sell a little but Europe in the early session began to buy again. On the hourly, if the AB=CD price symmetry remains and bulls carry the market forward, we could be betting close to that 13600 level. The problem is, between highly variable volume, crazy news flow, and general economic and banking mayhem, ANYTHING CAN HAPPEN. The only sure thing is that there is no sure thing, so traders and investors need to keep their eyes open. When Gramma Yellen tells us it is good that we spend and print U.S. dollars mercilessly, you know Wall Street is happy and that Main Street budgets are getting crushed. Until that mess is corrected (that is the debt is monetized on the backs of citizens and taxpayers), all prices are subject to immediate change and economic stability is a fantasy. The government has basically stopped most Americans from ever owning a new car again with tailpipe regulations, so what else can they do? The mind boggles.
Let us focus on the charts instead.
If MNQM23 can remain above 13433.50, 13494.50 is certainly a reasonable bullish target with 13522.25 and 13557.25 and beyond early next week.
If not, MNQM23 likely falls back to support near a WVAP line of 13433.50 and 13418, and if sellers press, it could easily fall back to 13393.50, 13666, and perhaps back to 13334 and beyond. We will simply have to watch how trading volume works against the volume profile to understand what is driving price action.
Volume has been all over the place this week in the early session, and I got bounced for a 4 NQ point loss per contract on the only trade I attempted to the short side yesterday. I will watch this morning, and if something happens that makes sense, I will trade, but I need to focus on other business today, so I might not trade at all. Things will eventually settle out again.
That is all for me today. Have a happy and profitable Friday and a relaxing weekend. I will also write this weekend.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
Wacky price action for sure. Curious about the 4 point hit. It seems with volatility as it is, such a tight stop is guaranteed to fill. Guessing you start out wider then tighten as things unfold. Thanks for the report...