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
It is sort of crazy how euphoria over AI and supposed “economic recover” got everyone jazzed for 10 months, and then the reality of the unfixed Federal debt crisis and insane spending, both domestically, and in the cluster-blank in Ukraine, all of a sudden really mattered. Most of the problems will not go away because elites cannot profit from them, but others we as citizens must address by actully critically thinking about the idiots we put in office there and getting rid of them by the ballot box and fighting their insane policies through our statehouses and local communities. Lockdowns for the ‘covidiocy’ over the last 3 years may even cost us in terms of future business and manufacturing productivity.
Regardless of all of that, until this nation breaks apart, we will simply have to work through the structural issues. For MNQU23 there is potential price support somewhere that will blunt the downturn.
Let’s have a look at that first.
Asia and Europe continued the selling into the 0500 EDT hour but found a little buying support around 15349.50.
If MNQU23 can rally above 15445.50 it has a solid chance of taking out 15507.50 and rally beyond that to 15553.25 and 15611.50 by Friday. If not, and particularly if it cannot rally beyond 15423.50, the 50% retracement of that last hourly swing down, then MNQU likely will correct back to 15339.25 and beyond that to 15293.50 and 15235.50 by Friday. We will have to see how strong buyers and sellers are during the early session to determine whether support holds at 15339.50. That will probably tell the tale today.
Picked up a solid 38 NQ points short per contract on achieving the first hourly target. Once I begin to hold 3 contracts, I will let one ride. That would have worked nicely yesterday. The trade was basically 1:1 on reward/risk off the initial entry.
That is all for me today. Have a fantastic Thursday and a profitable trading day!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
