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Price spreads this morning are trying to turn bullish from neutral, as are the lagged measures of volume and price. the binary volume/price indicator remains bullish at the 0500 EST hour.
If MNQZ22 can remain above 11745.50, it has the chance to take out the old swing high of 11828.25 and have a shot at hitting 11909.22 and if buyers get really busy, 12013.75. Since today is Friday, and traders may square accounts for the weekend, that outside high target might not hit until Monday 11/21/2021.
If not, it could be a short trip back to 11520 and perhaps 11446.50. A lot could depend on the reaction to the news. Yesterday’s reaction to manufacturing data put pressure on the market early on. I will simply wait for the signals that my trade plan calls for and trade them if I see them in the early session. The sell signal hit as I went to the gym yesterday, so I traded the counter-trend rally long yesterday morning before lunch.
I will not trade anything unless it lines up with my trade plan. More will be coming soon.
Economic Data courtesy of Econoday dot com
Existing Home Sales
10:00 AM ET
E-Commerce Retail Sales
10:00 AM ET
Leading Indicators
10:00 AM ET
Quarterly Services Survey
10:00 AM ET
Baker Hughes Rig Count
1:00 PM ET