If MNQZ22 can remain above the VWAP line of 11785.25, then there is a chance yesterday’s high of 12110.50 could be bested and a new high of 12231.75 might be next. If not, we could see a retest of the 11702 low and perhaps a low near 11588.75. Yesterday’s swings were modulated by PPI data which seems to create excitement if they are above or below a very elevated projected number. The targets today might linger until tomorrow if the volume is muted.
Will we see that today with retail sales? It is hard to say, but Bezos's warning could have an effect on moms and pops with their hands on hair trigger for the buy or sell button.
I am not going to worry about that, as I will be watching the volume carefully as the morning progresses. Spreads on the hourly are bullish largely even though the binary price/volume indicator has turned slightly bearish.
More, including a survey at week’s end, will be coming soon!
MBA Mortgage Applications
7:00 AM ET
Retail Sales
8:30 AM ET
Import and Export Prices
8:30 AM ET
Industrial Production
9:15 AM ET
John Williams Speaks
9:50 AM ET
Business Inventories
10:00 AM ET
Housing Market Index
10:00 AM ET
Michael Barr Speaks
10:00 AM ET
Atlanta Fed Business Inflation Expectations
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
20-Yr Bond Auction
1:00 PM ET
Christopher Waller Speaks
2:35 PM ET
Treasury International Capital
4:00 PM ET