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 we get closer to Federal Reserve Interest Rate decision day tomorrow, there is again worry that one rate hike is not enough. As oil goes and apparently wants to stay above $80 per barrel, I am once again paying over 4 dollars a gallon. As I still have cheap utility prices (which will rise again shortly), I can charge the battery for local driving, but as I get outside that range for daily driving, those costs escalate. For the average driver who has to deal with gasoline only, the pain likely escalates as summer drags on.
Costs are running above wages as this X (Twitter or Musk-er) video demonstrates particularly in rent and housing. The crisis of inflation is real and something bureaucrats in Washington basically don’t care about.
I will discuss these other issues in more depth later. Let’s get to the charts for now.
MNQU23 basically idled after the U.S. close yesterday on a fairly sluggish day in terms of of volume. Asia and Europe idled until th 0400 EDT hour, as price and volume spreads accelerated on the bullish side for a bit.
If MQNU23 can remain above 15570.50, there should be a rally above 15628.50 to 15667.75 and perhaps 15717.50 by Wednesday. If that doesn’t happen and sellers drive prices below the15570.50 VWAP line, prices could fall quickly back to 15484.50 and beyond to 15445.25 and back perhaps even to 15395.50 by Wednesday. There is slightly more room above the 15570.50 VWAP line than below, so if buyers are convinced that the inflation issue is temporarily finished based on Fed action, then we could see a rally back into the 16-handles again. If not, we could even challenge the 15182.50 VWAP area again. It all depends on who shows up and the intensity of the trading. There are tons of unknowns in this economy, which is why I FOCUS ON MY TRADE PLAN AND THE CHARTS AND NOT THE NEWS.
In simulation I picked up 21 NQ points, but volume did not show up so I could test the extended rate of a breakout. Volume was simply too tepid to allow it. I will attempt to test it again today before attempting a spread trade in real time with real money on Wednesday. I will let you know what happens.
That’s it for now. I will gradually roll out the other platform as time goes on.
I hope everyone has a pleasant and profitable Tuesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
