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 one knows by now, NVDA indeed surpassed estimates, and if this Bloomberg article is correct, sees nothing less than robust data center growth as data center operators area going to stick with their technology to implement artificial intelligence inside of their computing systems. We will get into this, the middle range pattern analysis associated with it, and VWAP lines this weekend when I post Part 2 of the trading set up.
Durable Goods data comes out today and it could be a downer, but only time will tell. The world and credit markets are still wild and wacky, but what else is new?
I am going to cut to the chase on the charts this morning as I have some time constraints to deal with this morning.
MNQU23 was bolstered by bullish trading early yesterday, and the anticipated earnings that hit after the market close only drive traders in the US and in Asia to drive prices higher. Europe seemed to idle prices just short of the 15440.25 VWAP line, but the bullish skies are open again, as there would now be only about another 300 NQ points before blue sky conditions (limited commercial activity) could allow buyers to press this futures contract to new all-time highs.
If MNQU23 can remain above 15300.75 VWAP line, it has a shot at taking out 15417.75, and show it blast through the 15440.25 VWAP line, reach 15486.25 and hit 15573.25 by Friday. If not, given the earnings driven news (and the massive bullish candlestick created by it, it is not impossible for MNQU23 to fall back through 15300.75 and right back to 15166.75, the swing low, and fall back to 15098 or even to 15011 by Friday.
I picked up 17 NQ points per contract long yesterday, as I am still padding the account with profits for future multi-contract and longer-term holds. Yesterday was indeed one of those breakout days that one can grab hundreds of NQ points from. I will discuss that set of conditions and strategies to profit from it over the weekend too.
I hope everyone has a pleasant and profitable Thursday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
