As the markets opened in Asia Sunday evening, MQNZ gapped down 60.5 points as news of Chinese civil riots over the PRC’s draconian Covid-19 policies spread like wildfire over mainland China.
As of 0500 EDT hour, we began to see a minor rally being attempted in Europe.
The VWAP line is above the current market action and above the hourly market gap at 11793.50. If that level can be exceeded, the gap will fill and there is a chance the market can rally to 11815.50. If not, 11642.75 is a short trip down, and a target of 11619.25 and even 11589.25 is possible.
I will be watching the volume as any trend develops and if all criteria are met, I will trade in either direction. If not, I will stand down and wait for clarity with the trend at the time (typically for me that is a 15-minute time frame).
More will be coming soon. I will continue daily analysis for a few more weeks and poll again to see what the feeling is. The tiny group that voted for daily analysis, so I will keep going for now.
Data provided by Econoday dot com
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