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
Other than the durable goods order data and any news the Fed governors lend regarding the U.S. economy, all that could be left today is to see if key levels of support hold until next week, when PCE data gives us another data point on inflation levels.
Let's just focus on the charts for now.
It appears that Asia and Europe sold MNQU23 back to VWAP support around 15084.75 before bouncing a bit around that area. You can see from the opaque green lines that a potential bullish AB=CD pattern sets up if buyers get active. That pattern could in fact terminate somewhere around 15361.50 where more WVAP resistance hits. THERE IS NO GUARANTEE OF THAT, AS WE MUST SEE IF SUPPORT HOLDS.
As we set up to get more inflation data, we will simply have to see how traders and institutions respond.
If MNQU23 can remain above 15105.50, it has a decent chance of recovering to the swing high of 15236.50 to at least 15310.50 and beyond ( assuming that resistance is not too strong at 15361.50 to 15405 by Monday.
If not, it is possible that MNQU23 can pull back to price support around 15028.25, and if that doesn’t hold, back to 14964. If sellers get really active, then MNQU23 could fall back to 14889 and even 14795.50 by Monday.
If the rally continues, the support needs to hold around 15105.50. I am not going to predict anything. All I will do is look for the breakout points in either direction based on the volume profile and look for price momentum and volume/price momentum to coincide with those breakout points in either direction.
I did not trade yesterday as I decided to take care of the eye injury. It seems a bit better this morning but it will take time to heal. I should have eye drops this afternoon to treat the injury.
That is all for now! I will attempt to write this weekend. Have a wonderful money-making Friday and a peaceful weekend!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
