If MNQZ can remain above its VWAP line at 11778.50, it could potentially retest 11898.50 on its way to 11944.50 and perhaps to 12003.50 or higher today. If not, we could see a retest of 11728.75 on the way back to a previous VWAP line at 11682.50 or even 11623.75 or lower.
The Producer Price Index could be a deciding factor in this, as the data has caused roiling in past weeks UP OR DOWN, but no one can know for certain.
We will simply have to wait. As of the 0600 EST hour, volume spreads are turning slightly negative, but price spreads are positive. We will simply have to see what happens.
I will wait for the appropriate trade set-ups according to my plan as the open arrives, and make decisions at that time to be long or short.
That is all for now, folks. More will be coming soon. Leave comments if you like.
Here is the key economic data for the day courtesy of Econoday dot com.
PPI-Final Demand
8:30 AM ET
Empire State Manufacturing Index
8:30 AM ET
Patrick Harker Speaks
9:00 AM ET
4-Week Bill Announcement
11:00 AM ET
8-Week Bill Announcement
11:00 AM ET