MNQZ22 Hourly Analysis and For 11/23/2022 - My Way of Analyzing Potential Daily Price Ranges

Everything from PMI, Jobless Claims, New Home Sales, and FOMC Notes Hit Today

Nov 23, 2022

At this moment (around the 0600 hour, everything on the MNQZ22 chart is bullish. If we can remain above the VWAP line of 11602 (seemingly shifted a bit by the early morning selloff yesterday, then we have a good shot at breaking out above 11781.50 to at least 11850.50 to even 11938.50 by tomorrow if things turn bullish. If not, then it would be a relatively short venture back to the VWAP line at 11602, back to 11527.50, and even back to 11458.50 if sellers cascaded into this market. We have seen both sides of such action recently, so nothing should surprise us.

There is economic data of energy, jobless claims, and even Fed data today that could rumble things a bit. In the morning, housing starts and jobless claims could make a splash, as they are tied somewhat to whatever inane Federal Reserve interest rate policy currently in place, and even Fed notes might have a tiny impact, but we will simply have to watch.

I more than made up for the internet disturbance early in session as I went short, but I covered on a Fib target and went about my business. It would have been quite easy with buyers’ volume yesterday simply to reverse and ride, but I had other business pressing.

If an early session trade arises, I will take it, but it not, I will continue on with other business as usual.

This will be my last daily post this week unless things look interesting on Friday. I will produce a post this weekend.

Happy Thanksgiving everyone, and as always, thank you for supporting this blog!

MBA Mortgage Applications
7:00 AM ET

Durable Goods Orders
8:30 AM ET

Jobless Claims
8:30 AM ET

PMI Composite Flash
9:45 AM ET

New Home Sales
10:00 AM ET

Consumer Sentiment
10:00 AM ET

8-Week Bill Auction
10:00 AM ET

EIA Petroleum Status Report

10:30 AM ET