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
I have been harping on this topic for a long time, but the fight to stop inflation on the street is being fought against by those who want equity prices to rise FOR infinity and beyond! A healthy economy must allow the folks on the street to afford food (something as I have mentioned in the past that the USDA still sees rising at 20% per annum in the near run) and not inflate asset prices for growing families and young individuals to acquire the wealth to continue to grow a free economy, something leftists/statists/fascists/democratic socialists in both American political mainstreams are currently fighting to prevent. That sort of thing changes economies by force of movement as is happening now in the USA. That movement will continue until something potentially snaps.
One of those indications of how tight an economy is with respect to growth is non-farm payroll and unemployment data, which come out today at 0830 EDT. That will affect markets, including MNQU23 if the number is outside the consensus forecasts.
I am not going to fret over that at the moment. I will simply look at the charts to determine what potentially can happen in either direction.
If MNQU23 can remain above 15229.50 it has a very decent chance of rallying beyond yesterday’s swing high of 15252.25 to potentially 15290.50 and just below 15349.75 VWAP resistance at 15339 by Monday. If data is markedly different than consensus forecasts, that range could be taken out today, but I would not bet the ranch on that, given the insanity of news flows lately.
If it cannot maintain that level, then MNQU23 likely takes a quick reversal (given the speed of the reflex rally yesterday) back to the low of 15112, and beyond to 15074 and 15025.25 by Monday. The same cautions about range apply here too. If actual data is more bearish than consensus, those ranges could be hit today, but I WOULD NOT bet the ranch on such prospects.
That is it for now. Still learning the ropes of adjusting stop-loss levels as the rallies or pullbacks show up on the platform. Broke even on Thursday once again. I am going to take a look at delaying break-even stop placements until a solid confirmation of the statistical entry point above the breakout is hit and HELD. I hope this weekend to get the new screen platform set so I can test that in multiple timeframes simultaneously.
I will likely write this weekend. Have a profitable, productive, and happy Friday everyone!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
