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MNQZ22 gradually sold off overnight in Asia and in Europe thus far, and in the 0500 EST hour, this market is becoming oversold. There seems to be some light buying occurring, but the strength of that will have to be observed at 0930 EST or just before to determine how strong things get for the bulls.
If this market can exceed the VWAP line of 11672, It has a shot at recapturing 11844 and perhaps 11908 today or tomorrow, but if not, it is a pretty short trip back to 11541.75 and perhaps even 11459.75 in the next two days.
There really isn’t a ton of economic news hitting these markets until Wednesday, and it could be a slow week as Thanksgiving Day is on Thursday. I will let you know if I even report on Friday depending on what happens on Wednesday.
If volume, price, and momentum associated with each meet my trade plan, I will trade, otherwise, I will simply wait for a better opportunity. I want to see how active things are today first.
Economic data courtesy of Econoday dot com.
Chicago Fed National Activity Index
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6-Month Bill Auction
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2-Yr Note Auction
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3-Month Bill Auction
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5-Yr Note Auction
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