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Price and Total Volume With 50-period Moving Volume Average
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After yesterday’s rally and subsequent selloff, Asia and Europe basically idled MQNM23, and the hourly price momentum now seems to be tending bearish, along with what volume there is as we approach the 0700EDT hour (ran into some technical issues that more).
The significant news is tomorrow and the oil price hike may have eased bullishness, but even war action in Ukraine is not as significant as the Federal Reserve rate announcment tomorrow. Tomorrow is the likely day that data will add a trend to the current action, or it may not.
Let’s just look at the charts to see what might happen.
If MNQM23 can remain above 14587.50, it should have a chance at rallying back to 14695.75 and beyond to 14740.75 and 14798.75 by tomorrow.
If we do not, the MNQM23 has a short trip back to 14528, and could pull back to 14482.59 abd 14424.60 by tomorrow.
These markets are not really organic or fully free-functioning again, as the casino operator (the U.S. Federal Reserve) will make policy decisions that will once again roil markets tomorrow, but set a real tone for direction. We have see big moves or we may see nothing as traders anticipate what happens tomorrow.
I made a small profit long on the first trade of 11 NQ points yesterday, and got booted on the second attempt for the breakout trade during the morning session that went out at breakeven. I will gradually be adding swing trading to my arsenal of weapons soon, so I will keep attempting to ride those while protecting equity. That is goal number one of any trader and goal number two is to make money.
That is all I have for now. Have a pleasant and profitable Tuesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
