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
MNQU23 sold off early (which is why I did not trade yesterday as I had commitments) and it continued the nose dive until just after 1000 EDT, and beyond that a compensating rally continued into Asian market openings, only to be countered by a sell off that began after 0200 EDT in Europe.
All the issues are still there, and AAPL 0.00%↑ continues to take a beating on the business forecast front as the PRC targets it as foreign interloper #1 which needs to be kneecapped to promote domestic technologies.
There is so much I could discuss, but I will leave it for the time I have to write with more detail. The signs of recession are everywhere, and yet out politicos and mainstream economists all ignore it. If there is a “soft landing”, it might be apt to describe it as Brigadier General Chuck Yeager did, that is, any landing you can walk away from. We may get more into that this weekend.
Let’s get to the charts briefly.
It appears that the key test of support for MNQU23 could happen very near the 15229.50 VWAP line, as it seems to have held that level after the selloff in Europe. If MNQU23 can rally above that level and push through 15300.75 (which is possible because of the rapid selloff that proceeded it, assuming buyers return, then it has a shot at recapturing 15344.25 and perhaps 15395 by Monday. We will have to see how strong any rally might be to see if MNQU23 can recapture anything above 15440.75, but only time will tell.
If MNQU23 cannot remain above 15299.50, it would appear that 15182.50 will be easy to surpass to the downside. If so, 15157.50 will be broken to the downside and it should be a short trip back to 15106.75 and even 15042 by Monday.
I will probably again be on the sidelines until Monday. I am going to get a programmer to finish another aspect to this model that I will share with you shortly.
There will be the beginning of Part 3 of Setting Up The Trade, and it may be 3A, as I discuss the volume profile. More will be coming this weekend!
Thanks again for supporting this Substack! Have a happy and profitable Friday and a pleasant weekend.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
