Manufacturing data (PMI and ISM Services Index) could sway the market some this morning because of the large bar hourly selloff on Friday. If MNQZ22 can remain above 12050.75 it has a shot to break out beyond 12144.75 to take out 12254.75 and 12394.75 in the next couple of sessions. If not, we likely could retest 11826.75, on the way back to testing 11740.25 and at least 11630.25 or lower later in the week.
The USA lost 100,000 manufacturing jobs in the previous month, so this data might be setting the tone for any “Santa Claus Rally”. Only time will tell.
Though not shown in this chart, the binary indicator for price/volume interaction was BULLISH. We will simply have to see how that shapes up at the open at 0930 EST today.
More coming soon.
Data is courtesy of Econoday dot com
PMI Composite Final
9:45 AM ET
Factory Orders
10:00 AM ET
ISM Services Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
Investor Movement Index
12:30 PM ET