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
After the exhilaration of NVDA earnings hit, reality once again set in, as it inevitably does for an stock index (QQQ) that performs far worse in aggregate than it strongest names. The answer to this question is probably no, in the near term as US and world economies have far larger issues to deal with like food and housing. China’s economy is still a wreck and could spill over into Asian and world economies.
Mortgage rates continue to skyrocket. And there could be subterfuge or doublespeak at Jackson Hole, WY this morning at 1005 EDT when Federal Reserve Chairman Powell discusses only general Fed policy and (in my opinion) fascist Christine Lagarde could spill out details of the digital Euro (which we all need to be aware of so that we can fight FedNow here). That meeting could likely set the tone for the rest of the day. What will that tone be no one can be certain of.
Let’s just look at the charts.
If MNQU23 can rally above 14829.50 and remain above it, it has a reasonable shot at running to resistance at 14999, and if buyers prevail in strength, beyond that to 15039.50, 15108.50 and beyond to 15196.50 by Monday. If not, it is a pretty quick trip down to the swing low of 14785.50 and beyond that to 14716.50 and 14628.50 by Monday. MNQU23 traders could just chill and square positions for the weekend, but only time will tell. As I say constantly, it all depends on who shows up.
I picked up another 23 NQ points short per contract yesterday. On Saturday or Sunday, I will describe how those “damned yellow” lines ( as one person described them to me) work as Part 2 of the trade setup series. When I am done with this initial at least 7-part series, I may re-write it again in succinct format perhaps for “for- profit” purposes to sustain this writing operation, but I have not decided that yet. Everything I have ever produced on radio, in blogs, or in person by presentation, has been free.
I will also get into how this strategy will be used to catch huge chunks of Wednesday’s up-move and Thursday’s collapse in future trades also.
More soon. Have a profitable and happy Friday and a peaceful weekend!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
