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
MNQZ23 idled overnight basically, but this and other equity indexes and index futures contracts will likely be affected by the Federal Reserve’s rate decision tomorrow, and it will do so against a backdrop of changing economic conditions and changing alliances brought about the American Uniparty’s decision to end energy exploration and to drive the world’s inflation engine by printing money without a budget cap or budgetary discipline. Could you run a business if you could only come to a one month continuing resolution as Congress is doing? The real answer is to run on a strict annual budget to maintain fiscal and monetary discipline. I will let you hold your breath until that happens again ( as it is mandated constitutionally to be).
Because of the American Uniparty’s decision (in my opinion) to destroy elements of the Nord pipeline, nations are now having to realign themselves to obtain the cheapest energy they can find. Americans now find with limited resources and Saudi production cuts, their costs will skyrocket as “green” low-energy-density technology is forced by dictate into our power grid, making manufacturing costs rise and blackouts and brownouts become common elements. We will soon learn the lessons that Germany learned as they saw their economy shrink over the last couple of years. The rest of the world will live in reality, and build hydroelectric, nuclear, and coal-fired power plants. It’s the only way they can maintain their economies and feed their people.
Business alliances are also fragmenting as America pursues (in my opinion) a proxy war defending neo-Nazi thugs in Ukraine’s leadership against the Russian oligarchy (not exactly a wonderful bunch of leaders) which would have our fathers and grandfathers rolling in their graves. Businesses are choosing sides as China’s economy weakens and our reputation abroad collapses as foreign countries watch this nation fragment. The only people who seem to be losing this war are the Russian, American, and Ukranian people (who are of various ethnicities, including Russian). As these alliances change (and some, including BRICS nations), nations will decide potentially for commodity based currencies and remove themselves from the fiat currency realms of the EU and the USA. Fed decisions should consider this issue.
The Federal Reserve will be making decisions that will help some sides and hurt others, including American citizens in the process. Will they act nobly to help American citizens or to defend the cronies that got many of those Fed governors in positions of power? Only time will tell.
Let’s get back to the charts.
If buyers can push MNQZ23 above 15416.75, then it should be fairly clear sailing to move past 15460.75 to 15496 and even 15541.25 by Wednesday. If not, and sellers drive the action today, it could be a similar short trip back to 15330.50 and beyond that to perhaps 15295 and 15250 by Wednesday. It really depends on how hedgers institutions and traders want to set up prior to tomorrow’s Fed announcement. I have no idea what will happen, but the space above and below the current trading ranges is pretty large. If one group or another takes charge of trading momentum, there is likely ample opportunity for profit. All I can do is follow my trade plan, capture what I can, and leave the building when its done, protecting my equity any way I can.
I picked up 21 NQ points long per contract yesterday, and went about other business. I will see if volume activity today will be sufficient to trade today, or whether I will wait until tomorrow. No one knows with certainty what will happen until it does, that is why patience and discipline are a traders greatest friend.
Have a pleasant and profitable Tuesday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
