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
This will be a brief write-up as I have a time commitment to make, but the story seems the same. China cuts interest rates and no longer reports youth unemployment. It also claims it is in a deflationary climate.
Larry Summers thinks rates will be up for the next decade. Too bad he doesn’t also think that we will have a commodity or metals backed currency again so we could stabilize pricing and offer a real risk-free rate of return (after inflation) that would stop bubble-nomics from destroying everything.
The Fed is leading the rise in global central bank interest rates, killing investors who hold paper with lower yields, as it should. People living in the bubble universe are being forced into reality as insanely low rates disappear with massive debt, which has yet to be dealt with.
I could ramble on about that, but lets get back to the charts.
The MNQU23 selloff continued yesterday and even for a while last night in Asia as the market tested the 14905 VWAP line. What happens next will depend on buyer and seller action. There is more clear room below than above the 14905 VWAP line, but that has never stopped bull or bear from attempting breakouts in any direction.
If MNQU23 can remain above 14905, it has a shot at rechallenging price resistance around 15064.25, and could rally past 15119.50 to 15141.25 and perhaps even make it to 15210.25 by Friday.
If not, it is a quick trip back to 14887 and even back to 14833.25 and even to 14764.25 by Friday.
The QQQs and MNQU23 seem to be on a persistent downswing, but as you probably have noticed it has been falling in lock step with the hourly VWAP lines. I don’t have the time to post the chart, but the “neckline” of the last upswing on a daily chart is at 14853.50. If we break that, selling could accelerate a bit. It is likely not cataclysmic, but another few levels of hourly VWAP lines could be taken out to the downside. NO ONE KNOWS FOR CERTAIN WHAT WILL HAPPEN!
I earned 45.5 NQ points short per contract yesterday, so the streak for now continues on the weekly basis. So far I am happy with the new entry and exit criteria. I will get a video out this weekend to the exclusion of everything else. We 90-percenters need to hang together!
That is it for now. Have a profitable and happy Thursday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
