If I had traded all night the way I did a long time ago, I would likely have gone short MNQZ22 last night after 0000 EST as sellers (muted as they might have been in Asia), began to push prices lower. That reversed at 0400, but the price momentum spreads are still bearing even as buyers returned.
If buyers can carry MNQZ22 above the VWAP line at 11672, then we could easily retest 11699.75 (assuming we pass an old VWAP line at 11964.25, and get to 11747 today perhaps. if not, and particularly if we don’t stay above the 61.8% retracement of the last hourly down move at 11612.50, then we probably retest 11525 and head back toward 11478 today.
As you can see from the chart we are making lower highs and lower lows, signaling a downtrend, again. Will that continue? Only time will provide that answer.
The data that likely moves this market, assuming it does, is the Richmond Fed Manufacturing data at 1000 AM. What will it do? No one knows.
I will simply trade set-ups that fit the volume profile and Fib target data I use.
Yesterday the internet failed and foiled my profitable activities, but I will line up again and trade today, assuming I see anything that meets my trade plan. If not, I will just stand down.
More will be coming soon.