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
Trading in Asia and in Europe overnight basically held court after yesterday’s MNQM23 trend day higher. There is really nothing new other than the continuing game of chicken on raising the U.S. Federal debt ceiling and more grifting going on at the G-7 as Zelinskyy continues to beg for more money to provoke World War III, something we can all get into (tongue in cheek). It is hard to find a good green sweatshirt or military fatigue in Kyiv now, I would imagine.
Treasury yields seem to be idling, as I assume traders and institutions all still think that a deal on the debt ceiling will be made by both sides of the Uniparty. We will simply have to wait this situation out. I still assume regional banks will be under pressure with rising Treasury bond yields, and again, all that seems negative, and yet the party for bullish traders seems to rage on in MNQM23.
Let’s just focus on the charts.
If MNQM23 can remain above 13792.75, the odds are quite good that 13960.50 and will be surpassed with outside targets of 14016 and 14087 possible by early next week, if not sooner. We will simply have to see how strong buyers are today. The next real VWAP line of resistance is now 14263.75.
If not, it may not take long for MNQM23 to fall back to its previous hourly swing low of 13756, with potential target lows of 13700.25 and 13629.50 possible before early next week.
I did in fact recognize the possibility of the trend day yesterday, but as fate would have it after 5 times not running beyond the entry price (my limit for determining whether to close at breakeven or not to prevent a wider stop loss or a boot) I moved to breakeven and got stopped out. On the sixth run, the trend day left me behind, and with it about 200 NQ points profit. I did not lose a penny, but I was not that fortunate on catching the train. I have had a decent month though, so I shall not complain. I will saddle up again today and if I see something that meets my trade plan, I will trade it.
There seems to be more room to the upside, but ANYTHING CAN HAPPEN. Keep following your trade plan without exemption.
That is it for now. I will write this weekend. Have a profitable and enjoyable Friday and a great weekend too.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
