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
It’s now the recurring story of 2023. With good reason, the health of regional banks as rates rise, there will be continued fears (something you folks who had read my rantings for nearly 14 years and a few of you since I really began to write in 2002 have heard before) that if rates get above 5%, the rumors of banking collapse will begin. This time, it is probably a possibility, as the value of 10-year bonds will get crushed again. Whose fault is that? Truly, it’s yours, because you put a bunch of crooks and incompetents in office in Washington who only know how to enrich themselves and their crony allies at your expense.
There is Balance of Trade data that is out today too, but let’s look at the charts to see what could happen.
MMQM23 seems now somewhat idled as Asia sold it off overnight and Europe began to buy at the 0600 EDT hour. Price momentum is negative, but volume momentum seems to turn to the bullish side.
If MNQM23 remains above 14587.50, this contract has a shot at easily taking out the swing high of 14588 and could be on its way to taking out target highs of 14601.75 and 14619.21 over the next two days (and potentially beyond that). If not, then MNQM23 could take a relatively quick dive to 14537.50, back to 14523.75 and 14506.25 within the next couple of days. I was struggling with technical issues when I erroneously mentioned that the Fed announcement was today when it is next week. What could be true is that this and other markets, given the total kluge of this Administration’s monetary, fiscal, and appropriations policies. could be on the fast train to nowhere until then. We will simply have to observe and analyze what happens as the clown car pulls out of the Congressional parking lot.
I did not trade yesterday and missed a 40-NQ-point profit short, but life goes on. I had things to attend to yesterday. If something looks good, I will trade today.
More will be coming soon once Substack issues subside. Have a fantastic Wednesday on every level folks!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
