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
The psychotic nature of Uniparty political process continues as one side of the Uniparty wants to force a debt ceiling vote while yammerers like Gramma Yellen think not raising the debt ceiling is bad for the economy, all while those on the street have to buy food that continues to rise at double-digit rates in some cases. Neither side considers stopping the mad spending and sending money to large Biden donors like the folks in Ukraine, China (and likely Russia).
It would make for a great soap opera if it were not all true. Earnings outlooks are mixed, and there are still debates about pausing rate hikes. Despite that, MNQM23 and other markets are trying (under some wild intraday swings at times) to press higher, as it still appears traders believe that the free money (after the inflation rate, which is not inconsequential, is removed), will go higher.
Let’s just look at the charts.
Asian traders last night tried to rally MNQM23 while Europe thought overwise and sold again pushing this market back to hourly price support levels. At the 0500 EDT hour, European and other trades decided once again to buy.
In order to compensate for the swings, I took the smaller of the two swings to measure the price ranges, as there is room above 13550 and room below the 13440 area that could be exploited if buyers or sellers predominate in trading action.
If MNQM23 can remain above 13506, it could easily rally to 13522.75, 15536, and 13552 and beyond in the next two days.
If not, MNQM23 could be pushed back to price support at 13474, 13444 (nearly 13441.50 VWAP support), and back to 13425.25 or lower over the next two days.
Yesterday I went short and picked up 10 NQ points profit per contract before the volume reversal hit, as both hourly and 15-minute charts were in alignment. The price spread kept me from confirming the reversal ( as my new clarifying rules dictate I do), but it shifted later that evening which would have allowed an after-hours hourly trade (which I did not have the time to participate in).
The important thing is that I followed my rules, managed risk, and took a profit.
We will see what happens today. Have a profitable, happy, and productive Wednesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
