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
I could rant as I have on other days about the complete kluge our bureaucratic and government elites are, as most of them are only greedy self-interested power-grabbing slugs (to alliterate with the word thugs, which I normally use to describe them), but yesterday’s continued bad news on the budget front and general economic uncertainty put traders in a selling mood, and beside attempts to rally MNQM23 in Asia overnight, Europe began to sell again, though at this hour that could be slowing down. I could post a ton of good WSJ opinion pieces, but you can look them up this morning yourselves.
Let’s just focus on the charts.
If MNQM23 can rally above 13729.25, it has a shot to rally back to the old swing high of 13752.50 and back above that to 13769.75 and 13782.75 and above in the next couple of days.
If not, it is another very quick trip back to 13689.25 and below that to 13672 and even 13650 and below in the next couple of days.
The key point is that we are still in the grip of central bank manipulation until our leaders have a congruent plan and somehow the U.S. Dollar is supported with more than hot air. Price discovery requires risk-free rates of return above zero and the ability to value earnings again, the way a cash-on-cash business is now, and how real estate is valued by investors who run the actual properties. Absent that, every pronouncement will cause these markets to bounce around, and in the end, no one is better off as a result.
I picked up only 2 NQ points as early volume to the downside was not resolved until late in the morning, at which time I had to get back to other business. I am still working on ways to begin trading hourly trades again until the rather discordant early volume is sorted out. With wider stops, you could have pocketed 200 NQ points short with very little effort had you shorted before dawn.
I will saddle up again today, but if I see nothing, I shall not trade. Have a profitable and happy Wednesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
