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
Yesterday’s earnings picture was mixed between AAPL 0.00%↑ declining iPhone 14 sales and AMZN 0.00%↑ improving cost structure and better sales numbers. The big overarching issue will be how employment growth ( even though it may involve people getting 2 jobs) and wages determine Federal interest rate policy.
International trade gets scarier as the US puts military personnel on tankers to blunt Iranian attacks on them. Venture capital ( and probably U.S. federal and statepension funds as well, since many of them are invested in Chinese companies) gets scarier as exit options to blunt the risk of more Chinese economic woes are limited.
Meanwhile, Ray Dalio doesn’t see a quick fix for spiraling debt. What kills me is that billionaire elites didn’t figure out that QE wasn’t the quick fix either. It was actually the fuse that CAUSED this fatal debt spiral. What needed to be fixed was the money , through currency backing, and an end to the wild speculation of fiat cash in markets for which risk could not be calculated (which we will find out is infinite when the interest rates are set to zero). I am about ready to have a “don’t get me started” moment, so I shall end that discussion here.
Instead of increasing my blood pressure, let’s just take a look at the charts.
As the evening proceeded, Asian and European traders were somehow encouraged by buyers returning and continued to rally the market almost back to the 15563.75 VWAP line. What is yet to be seen is how the employment data will affect traders’ and institutions’ opinions of what happens to rates after the announcement at 0830 EDT this morning. I have no idea which way that will go, but as you can see from the market profile, there is a ton of room back to 15701 and back to even 15212, so its anyone’s guess.
If MNQU23 can remain above 15465.50, then it has a very good chance of taking out 15561 on its way to 15601.50 to 15653 by Monday. if not, and if news drives sellers into action, it might be a quick trip back to 15412, and because of the long wicks on the candlesticks that preceded current price action, perhaps back to 15371.50 and 15320. It all depends on who shows up.
Yesterday I did not see a trade set up I liked in the morning so I stood down. What I should have mentioned yesterday is that I am still in simulation until Monday, when I will go back to real cash again.
I will write as I have time this weekend. Tons to do, but if I see something that needs discussion, I will post it here.
Have a profitable and happy Friday and a restful weekend!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
