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
As I mentioned yesterday in that post that YOU should have read (being sure to add some guilt factor there), even though the technicals all seem bullish, live on the ground is a bit more complex. This morning, we see that China’s slowdown is real and perhaps worse than expected, that the European entitlement state has led to economic stagnation and entrenched inflation, and that indeed Russia canceled its grain deal with Ukraine, which makes the world hungrier and perhaps is another salvo for world conflict. That last item is something the American Uniparty desires so that it can cash in on it, no matter who gets hurt.
Other than that, it’s another quiet morning in America. Let’s not fret for the moment and take a look at the charts for MNQU23.
It seems Asia and Europe idled prices overnight, with some minor bullish action after 0200 EDT.
If MQNU23 can remain above 15701.50, then it has a shot at taking out 15857.50, and after that 15911.75 and even 15980.75 by Tuesday. If not, it could be a fairly easy jaunt back to 15658, and perhaps back to 15603.75. If that support fails and breaks through the VWAP line at 15583.75, then 15534.75 is possible by Tuesday. There is a ton of space above and below these current price levels. There is VWAP support around 15212, and there is literally blue sky above 15701, as there could be another assault on the all-time high of 17304.
I picked up net 9 NQ points long on Friday. I voluntarily took the first long trade off ( with a 12 NQ point loss, not the typical boot, of close to 25 NQ points) and recovered with a 21 NQ point gain on the second. By protecting my equity ( goal #1) as a trader, I was still able to move the rock forward at the end of the day. This new method of entry helps me to do that.
More is coming soon. Have a productive and pleasant Monday everyone!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
