Price, Price Spread, Lagged Price/Volume Spread, and Binary Price/Volume Indicator
Price and Total Volume With 50-period Moving Volume Average
Fibonacci Price Scale With Targets
The seeming “relief rally” of sorts as volume returns to QQQs and MNQZ23 continues. There are some clouds on the horizon of this equity-weighted index, as Apple makes a new entry to push against China’s banning of iPhone use, and the dreaded (from Google’s perspective) anti-trust trial for Google is in the works.
And at market tops we often see options trading go wild, and now with daily 24-hour options, things could get even crazier.
The real hardcore news on inflation hits tomorrow, so that could hand the markets substantial fuel to move in either direction.
Let’s just look at the charts for now. If MNQZ23 can rally past the 15660 VWAP line, it has a good probability of moving past the swing high at 15696 and pushing beyond that to 15739.25 and 15794.25 by Wednesday. If not, it could fund support around the 15557 area (which looks like it is building into another VWAP control point). If it fails that, it is a short trip back to 15537, and below that if selling is aggressive, to 15493.75 and beyond to 15438.75 by Wednesday.
I picked up 11 NQ points per contract long yesterday, and I could have waited for a longer rally that a signal would have provided, but I had other business to attend to. We will see what happens today.
I hope everyone has a rewarding Tuesday! If anyone has questions about Part 3A of Setting Up The Trade, please leave it in the comments and I will answer it.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
