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 month to month PPI was a steep 0.6%, but that did not seem, in the immediate term, to dissuade traders and institutions from buying MNQU23 and pushing prices higher. The problem is, as I have mentioned before, the redneck economist that I am, that inflation will be damaged more by food and energy (which damages the consumer), and as the consumer gets tapped out, which in past writings I have shown in real data, the economy will sour with time. Energy is STILL high and going higher as Saudi oil production cuts combined with our American Uniparty fascist insistence on not using our own resources will cause more economic pain. Their focus is on centralizing power and not helping the economy. Once one understands that, everything becomes clearer. I am waiting to see what new USDA information is out, as my personal food bill this year is up 16%. The Federal bureaucracy can state what a number is, but on the street, well, it probably IS another story.
PPI (producer price index) is out today and should at least in the very short run show who inflation is spreading through the manufacturing supply chain. Will that create volatility? Probably, but no one knows for certain.
The other potentially interesting event will be the IPO or Arm Holdings. This company may become involved in AI technology as is NVDA 0.00%↑ . We will simply have to watch.
Let’s go to the charts.
If MNQZ23 can remain above 15572.75, it has very favorable odds of taking out the swing high at 15633.75 and can likely take out 15668 and even 15711.25 by Friday.
If not, MNQZ23 could fall back to 15571, and failing that, it would take very little for sellers to drive the price back to 15508.25 and perhaps back to 15474 or even 15430.75 by Friday if the VWAP line at 15458.50 is broken.
As for me, a really stupid calculation error for a sell stop turned a 100 NQ point gain into a 70 NQ point loss at the CPI announcement, but I recovered 35 on a second trade long which netted a 35 NQ point loss per contract yesterday. That will be one to note in the trade journal. I am somewhat embarrassed by what I did, but it happened.
I will get back on the pony and ride this morning. I will once again await for trade plan conditions to be met prior to my next trade.
I hope everyone has a happy productive and profitable Thursday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
