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
Overnight Asia seems to have sold off the Friday gains made in MNQM23, and Europe seems to be maintaining prices near the 14530 area at the 0500 EDT hour.
If you remember the rant I was going on in Sunday’s post (and you should read it so you can do that), I mentioned the issue of conflict between having to raise rates against the torrent of international attacks on U.S. Dollar trade payments. I am not Nostradamus and more likely Nostra-dumb(expletive deleted), as local rock radio comedy team reference, but look at the headlines. Even I, the great market analog clock, could be right more than twice a day.
Saudis cut oil production and that is made as they bid for BRICS membership. That would be quite damaging to US dollar liquidity if oil trade is done in BRICS currencies or local currencies and not the U.S. Dollar.
Dear Leader is priming the the US Treasury printing press. Joe “Mo’ Money” Biden is readying more debt issuance at likely lower-than-inflation-adjusted-risk-free rates of return. That will fire the flames of inflation because all that money paid for government largess will be PRINTED and not collected in taxes. Joe has that covered though. He got nearly all of the 87000 IRS agents he wanted from Kevin McCarthy.
And on the other hand, the Fed continues its hawkish stance, warning of more rate increases. Its almost like the Moriarty video I posted yesterday is coming true in real time.
We could indeed be at a critical decision node for the U.S. economy. One thing holds true though. The charts will help us to see where things could be going. Let’s do that.
If MNQM23 can ramain above 14525.75, then it is possible that 14627.75 can be exceeded, and 14670.50 and 14725.25 can be hit in the next two days.
If not, it will be a relative quick trip back to 14470 assuming price support at 14530 is broken, and targets of 14427 and 14372.50 are possible with the break of the 14392.25 VWAP line. All that could happen in the next two days if sellers get active.
I remain agnostic as to direction, as I am ready to trade in either direction should the opportunities exist. I made another 22 NQ points per contract short on Friday, having to shift gears to work on other business during the day. If something meets my trade plan criteria, I will trade it and if not I will sit on my hands and come back on Tuesday.
That is all for me. Have a productive, profitable, and happy Monday. More is coming soon.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
