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
I will try to be comprehensive even though time commitments weigh on me today. Turns out that news was good on $NVDA, and QQQ traders went to work with buy orders, driving MNQU23 higher as it looked to sink deeper into the 14-handles on Sunday evening.
In spite of all that, U.S. 10-year treasury yields hit new highs just as budget talks are beginning in Washington ( as if a budget mattered, which is doesn’t until at least January 2025 ). Probably more important than those discussions with the the central banker dude ranch outing at Jackson Hole, WY this week.
In the backdrop of 2 trillion dollars in printed funds being spent by Congress each year (minimum, I would speculate), it seems the Fed still believes ( as I do) that inflation at ground level, food and energy, are likely going to be tamped down with rate increases. There are of course, more and better ways to fix that, all of which can be done on these shores, but the American Uniparty still wants to strangle the middle class out of existence it seems, particularly in the area of spending and printing.
The other meeting of merit will begin today is the BRICS summit in Johannesburg, South Africa. There will be discussion about a new currency to compete with the U.S. Dollar, among other things.
There are still issues that make one wonder how long the “hot economy” can last as starting salaries are cut, and savings are dwindling, but as we all know, the markets are going to do what the markets are going to do.
Let’s take a look at the charts.
After the initial thrust of buying yesterday, MQNU23 snapped back to the 14795 area and then began its bullish press which continued in Asia last night and accelerated in Europe early this morning.
If MNQU23 can remain above 15042.50, then it has a shot at moving past 15064 (which it has as of publishing) and could hit 15094.25 and even 15132.50 by Wednesday. If not, then MNQU23 likely finds support back to an old swing high level near 15008.50 and could pull all the way back to 14953 (given the width of the bullish candles created yesterday). If sellers become aggressive, it could even pull back to 14923 and if the 14905 VWAP line is taken out, back to at least 14882 by Wednesday.
There’s a ton of news flow in domestic and international financial decision making over the next few days while domestic economic data is a bit muted. We will simply have to keep our eyes open to what occurs for reaction.
I picked up another 25 NQ points per contract long yesterday and took profits as the extended targets were taken out, as I had other business to handle after 1100 EDT. Had I been here, I could have ridden the second wave up, but as my trading time is limited, I made the most of it.
That’s it for now. Have a wonderful Tuesday everyone!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
