MNQZ22 hourly price momentum, lagged volume/price and binary price volume indicator are all negative at the 0500 EST hour. If the price can remain above the VWAP line of 11778.50, it should be able to take out previous highs at 11828.25 and head to 11861.50. There is a previous VWAP line just below the 161.8% expansion of the previous hourly price upswing at 11903.80, so if there is an oversized rally that might provide resistance.
If not, it is a relatively short trip to 11706 and perhaps to a previous VWAP line at 11682.25 and beyond to 11672.75.
I would imagine jobless claims will be the big market shaker, if there is one, since a drop in those claims might be considered (how, I don’t know, given the dichotomy of people now working 2 jobs) a “tightening” of the job market and thus a reason for continued inflation. With layoffs already being announced by tech companies and other companies, I think it is best to let the charts tell you what is going on than simply guessing on an economic data point.
I will see if there are trades in the early session, and then I am off to other business.
More will be coming soon.
3-Month Bill Settlement
6-Month Bill Settlement
Raphael Bostic Speaks
7:30 AM ET
Housing Starts and Permits
8:30 AM ET
Jobless Claims
8:30 AM ET
Philadelphia Fed Manufacturing Index
8:30 AM ET
Michelle Bowman Speaks
9:15 AM ET
Loretta Mester Speaks
9:40 AM ET
EIA Natural Gas Report
10:30 AM ET
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