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If MNQZ22 can remain above 11686.25. then it is entirely possible that this contract's price could rise to 11846.25 and even as high as 11920.25 if buyers get engaged during the next 24-48 hours. If not, we will retest 11574.75 and chanllenge11546.75, and even 11442.75, which is very near a previous VWAP line at 11451.25. Price spreads, the lagging price/volume spread, and the binary indicator are all negative currently.
We should see an acceleration in trading volume as the year comes to a close, so anything is possible. We face key housing and consumer confidence data today, but key Fed data and GDP data hits tomorrow and employment data comes at the week's end. If there is to be momentum developed in either direction, it likely happens by the end of this week.
I have expressed bearishness in the weekly analysis, but I am agnostic in either direction as I trade this week. I will look at what my trade plan directs in terms of being long or short and take profits accordingly. I am trying to control risk and make money in the process. I am not just trying to "be right". As one of my mentors, Andrew Cardwell has said, it is better to make money than to be right. You can "be right" and STILL LOSE MONEY.
More will be coming soon. Economic data is brought below courtesy of Econoday dot com. I am not compensated in any way for providing this data.
4-Week Bill Settlement
8-Week Bill Settlement
Case-Shiller Home Price Index
9:00 AM ET
FHFA House Price Index
9:00 AM ET
Consumer Confidence
10:00 AM ET
4-Week Bill Announcement
11:00 AM ET
8-Week Bill Announcement
11:00 AM ET
52-Week Bill Auction
11:30 AM ET