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 I was discussing when reflecting on whether or not a recession might be in order and whether inflation on the ground is a real problem still. I will provide you two pieces of evidence.
1). Costco is having to raise the price of certain staple grocery items 250% at the present time to cover costs.
2). Seems that China’s 48% youth unemployment problems will force the PRC to offer higher wages, meaning the era of super-cheap stuff from China may be coming to an end. That will force prices for goods at places like Walmart to skyrocket.
Maybe that is why the Fed is still pressing to raise the prime rate higher?
And on the international front, well, it seems we have company off the coast of Alaska now, as Russian and PRC war ships ran a patrol mission there. Xi has been missing during the recent dam burst in China. Since he has called his military to prepare for war, could this be a precursor of such a thing. The mind boggles.
Government corruption, inflation, and threats around the world abound. Its just another day in 2023 America.
Lets have a look at the charts. A rally began in Asia Sunday night with MNQU23 but cooled off it seems by 0500 EDT this morning.
If MQNU23 can rally above 15433 and 15465.50 VWAP lines, it has a shot of completely eclipsing the 15466.25 swing high and move above that to 15501 and 15501.50 and 15546.50 by Tuesday, and perhaps on to at least 15576 by then if buyers become active. If that doesn’t happen, it could indeed become a short trip back to the swing low of 15336.50 and farther back to 15301.25 and 15256.25 by Tuesday. The path of least resistance now appears to be to the downside, but again, the bipolarity of market behavior and general volatility can make it anyone’s guess as to direction. I am simply going to follow my trade plan and see where that takes me.
Picked up another 44 NQ points short per contract to the downside in simulation on Friday, and will go back to cash today. I will be looking for hourly entries to ride in either direction.
That is it for me today. Have a productive, profitable, and happy Monday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
