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
At least in the overnight session, it seems Asia and Europe began to take profits and Europe also seems to follow suit as on a swing basis, MNQM23 was a bit overbought on Friday afternoon in the USA.
What really matters this week may be what the Fed was flashing yesterday about raising rates again, and the continual pressure of issues related to semiconductors in China (being made there and being insecure FROM there).
The latter statement was published as a warning in Bloomberg a few minutes ago as I am writing this.
We will simply have to wait out the craziness, the seemingly orchestrated fear factor that seems to ignore some real fear factors as indicated in this article.
I am agnostic in terms of trading direction, though I think volatility could increase in the wake of Dear Leader’s insistence on allowing a debt default before any kind of spending cuts are made and the general madness of world events and economic and political chicanery we have come to deal with these last nearly four years now.
I will let the charts guide me as to what to do.
If MNQM23 remains above 13861.50, it can once again begin to challenge the 14-handles again as should rally to 13879. 25, 13902.25, and 13931.75 over the next couple of days. If not, there is price structure support around 13812. If broken, it could be a short trip back to 13794.25 and below to 13771 and 13741.75 and perhaps lower over the next two days.
Everything is on the table at the moment, but somehow this market continues to ignore and move begrudgingly higher. We will just have to see how it works out. I was able to wedge 10 NQ points in the morning from the long side before moving on to the business of the day. I will see what I can find that matches my trade plan as the morning progresses.
More is coming soon. Have a wonderful and money-making Monday. Enough of the alliteration.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
