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
MNQU23 and other markets continue to function on the notion of passing the peak of high-interest rates and potential commodity deflation/disinflation, and until that notion is broken, these markets will tend to go higher. Retail sales are supposed to be robust, but we will see how true that is at 0830 EDT.
If you are concerned about higher energy prices, there are a couple of things worth noting. Even though the US set a production record last year, independent drillers are dropping rigs at an accelerated pace as the number of private areas they can drill is being exhausted. The bans on Federal land drilling have limited and will continue to restrict US oil drilling as a part of the so-called “Green New Deal”.
Even so, that power-hungry Larry Fink picked a new director at Blackrock? Who is it? None other than the Saudi ARAMCO CEO. Is that part of the Green New Deal or the Great Reset? I don’t know, but someone still wants crude oil around, even if it is only to produce jet fuel for their extensive travels to fight “climate change”.
The mind boggles. I can discuss more about that later. Let’s look at the charts.
After MNQU23 melted up to 15886.75 at yesterday’s close, Asian and European traders idled the market between 15842 and 15807 overnight.
If MNQU23 can remain above 15751, odds are high that 15886.75 can be exceeded and that potential highs of 15943.50 and 16015.50 are possible by Wednesday. If not, MNQU23 could pull back to 15700.50 rather quickly, and failing that, fall back to 15676.50. If that level fails then 15621.75 and even 15550 are possible by Wednesday.
I am not going to speculate as to direction. I will simply follow my trade plan.
I took a 21 NQ loss total on two trades that failed to reach the target. Once again, I did not get the boot and protected equity. Today I may not trade so I can finish the multiple timeframe screen which will help me to further avoid what happened yesterday, and allow me to show you the new tools I am working on.
Have a great Tuesday all!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
