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
Thursdays I have limited time because of commitments, but we will get a picture of spending versus income in the USA today. On the ground, however, things do seem grim in terms of comparative income and expense, as shown in this video.
Capital requirements on U.S. regional banks are becoming more restrictive as we know, yet China’s banking woes over real estate pose similar problems for their economy. These kinds of things, particularly when combined with severe youth unemployment in China, is a context for conflict as a means of deflecting domestic problems.
There is much I could discuss here, but we are still uncertain about how inflation is being tackled on the ground, and it is STILL an issue despite what any PCE data might allow.
Lets look at the charts for now.
MQNU23 seemed to idle overnight until sellers seemed to take control around 0500 EDT this morning. There is bearish divergence in the hourly price spread (represented in the “navigator” shown in the top chart, but we will simply have to see how that plays out.
If MNQU23 can rally above 15516, it can fairly easily rally above 15531.25 and potentially take out 15557.50 and 15636.50 by Friday. If not, then it could correct back to support at 15446.25, and failing that, it would be realitively short trip back to 15387 and the swing low at 15361.25. If that fails, it could easily attain 15315 and 15256 by Friday. Everything will depend on trader sentiment, even beyond the data released today. I will not try to predict which way it will go, I will simply look for clues in pattern, price and volume profile.
Volume was crazy again yesterday, but I still netted 6 NQ points long as the first breakout got bounced and I recovered on the second trade that hit target. I could not trade much after 1030, otherwise I could have traded the next breakout for substanially more. The important thing, once again, was that I protected equity and I MADE MONEY. As other business schedules change, I will soon have the flexibility to trade later, and that will help the bottom line.
That is it for now. Have an incredible Thursday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
