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
Overnight, a recovery rally from Friday’s brisk selloff occurred in Asia and seems at the 0500 EDT hour to continue in Europe, even though the MNQM23 hourly chart seems to be overbought (even as we know, it can become “overbought-er”, to use redneck technical analysis terminology.
The Uniparty is meeting with itself to make debt ceiling talks occur, and apparently, traders worldwide think the free money will continue to flow, but no one knows for certain. It could go either way with all the apparent issues we have with regional banking, but only time will tell. Things are still full-on wacky in Washington and in capital markets.
Let’s focus on the charts to see what could happen.
If MQNM23 can remain above 13424, it should continue to rally to 13443.25, 13468.75, and 13501 in the next couple of days.
If not, I would assume that this market would fall back into price structure and Fibonacci retracement level support around 13385.50 and 13360.
If that support fails, then a selloff back to 13350 is in the cards, and if sellers get active, it could fall back to 13324 (near that 13330.75 VWAP line) and perhaps 13292.50 over the next couple of days.
I still think breaking news related to the debt ceiling, regional banking, and interest rates drive the bus, even though news about the economy and earnings could cast a bullish or a bearish pall on things. There is 13600 and beyond above ( as I mentioned in the video THAT YOU SHOULD HAVE WATCHED YESTERDAY), 13228, and below into the 12 handles below.
We will simply have to see who shows up. A lot happens on the budget front and on the PCE front that could bang these markets around this week. That is why you need to pay attention to the charts and trade what you see.
I copped out on Friday and did not trade. I have the business I must attend to today that probably forces me to do the same.
More will come soon! Let me know if you have suggestions for improvement in the comments. I will do my best to keep the quality up around here.
Have an incredible Monday (profit-wise, productivity-wise, and happiness-wise)!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
