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
Headlines still read the same, debt ceiling talks may or may not end with a limit before the non-payment of interest begins. All this happens when we hit our limit back in January. Globalists want to keep the USA from protecting its vital industrial interests in semiconductors. While Nvidia basks in the AI sunshine, people seem lost and self-absorbed in the deep fake universe.
I began to realize the deep-fake universe in American broadcast and entertainment media in the late 1970s, which is why I stopped watching TV regularly in the late 1990s. Those of us who did (and I know quite a few of them myself) were not fooled by Russia collusion horse manure and all the other BS that has been thrown at us 3.5 years into this decade. Others and I just used our heads and turned out the mania. Sometimes you just have to do that.
The mind boggles. I also think traders are watching everything and their bipolarity of trading opinion is showing itself too. With earnings, budget woes, debt crises, and political-elite-created and unnecessary world war scenarios, the markets will react in a completely divergent fashion based on the fear or joy of the moment. MNQM23 is a victim of all that. It could go to the moon or crash into the abyss. I talked about the former and the latter this past weekend. A deeper look at the latter is contained in that most recent link.
All I can see this morning is that MNQM23 has idled in Asia and Europe after the rally yesterday. What will all the data today indicate? I have no idea, which is why I just look at the charts.
If MNQM can remain above 13966.25 (something I will mark more clearly over the weekend), it can rally back to 14031.50 and beyond that to 14080.50 and 14143 and above by early next week.
If not, its a fairly quick trip back to 13871.75, 13851.25 and if that support breaks, sellers can drive the price back to 13802.25 and 13739.75 and below by early next week.
I pulled out 22 NQ points short early as volume was strong near the open and quickly went on to other business. If I see nothing worth doing today, I will pass on the trade if it doesn’t meet my criteria. It is possible that we could see price action from data before the market opens so I am just going to be judicious in any positioning I do today.
That is it for now. Let’s just see how all the insanity shakes out. It will be an interesting ride. I will write this weekend. Have an incredibly profitable, happy, and productive Friday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
That was an interesting move.