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 Target
With the “continuing resolution” in place for the Federal government, there is not debt limit, the printing presses are being revved, the money will flow and the U.S. equity casino is open for institutions and traders until the lights go out (or someone regains sanity, which in this environment is highly unlikely unless you show up at the polls en masse, beyond any hope of ballot fraudsters, and stop it). I am not holding my breath in expectation of that. We are in unparalelled times in the history of the republic.
Let’s cut to the chase and get back to the charts. Asia and Europe have combined to rally MNQM23 past its previous swing highs, which made calculating the swings difficult this morning as we have already breached on target of the most recent swing scale.
If MNQM23 can remain above 14392.25, then we will likely see a continuance of this rally above 14587.75 and 14624.50, that is very near the 38.2% monthly retracement swing on the money chart of this contract that I have shown before. That could all happen by early next week ( as today is Friday, and some traders square off positions for the weekend).
If we break above that area, we could indeed be off to the races potentially to new MNQM23 highs (whether deserved by true valuation or not). When the free money is running, everyone parties. The party WILL have to end when nations refuse to trade in the funny money and move back to asset-based currencies at some point.
If for some reason we do not stay above 14392.25. it could be a pretty short trip back to 14432, and 14406 and 14372.50 are next in line, very near the 14318 VWAP line.
I am agnostic about either result. We will simply have to see who shows up and trades this market.
I got on board the last short bus and picked up 22 NQ points per contract yesterday, and was content with that as I went to work on other business. The volume reversal that followed created a very tradable trend day long. I am almost certain many of you caught that.
We will simply have to watch economic and Congressional events unfold to measure the impact of what the Uniparty Congress did. They hurt the American public greviously, in my opinion, and I will do my best to encapsulate that impact this weekend ( as I promised to to last week before Facebook ate me alive and my primary network drive crashed ). Fortunately I backed up my system 2 hours before it crashed, so live was good in that regard. We will have to see what happens next to consumer inflation and taxation.
Have a profitable and happy Friday. I will return this weekend with more information.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
