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
The rally into the relative vacuum of commercial holdings in MNQU23 continues to develop, apparently. Some things are helpful to it near term like dollar weakness (which will aid with imports) That continues as long as there is a perception that we have hit an interest rate peak. With the perception of cheap money and endless flows of institutional capital (and thus individual investment capital), it looks like it’s party time for long-only investors again.
With regard to speculative stocks, perhaps the opposite is true, which could hurt tech indexes and index futures like MNQU23. With AI stocks like NVDA 0.00%↑ , the rights issues are already popping up, and that is driving some to question explosive expansion in AI. When something is that expensive on a P/E (price to earnings) basis, that could spell problems for it.
The other issue limiting market bullishness is still inflation’s bite on the economy, and what the true inflation rate is on the ground. I will leave this with you, a tweet stream I read on Twitter via a link, and those of you who don’t use it can look at this copied page (Scroll below this, as the Twitter’s scroll page is massive):
At any rate, let’s not worry about all the news, let’s focus on the charts.
If MNQU23 can remain above 15775, the is an excellent chance that MQNU23 can rally to 16030 and beyond that to 16110.50 and 16213.25 by Thursday. If not, it could easily fall back to at least the area around 15801.75 and if selling pressure becomes broader, fall back to 15733.50 ( assuming a break below the 15751 VWAP line). If that level fails, it could fall back to 15652.50 and 15550.26 by Thursday. It all depends on who shows up to trade.
I picked up another 22 NQ points long yesterday. Hopefully, now that I have the tool whose screen you will see below (in three time frames, 15-minute, hourly, and 240-minute ), the tools associated with that will keep me out of the boot more often and lead to faster scaling of my account value. More on that will come this weekend.
Have a happy, productive, and profitable Wednesday everyone!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
