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
This write up will be brief because of time limitations today, but sentiment has cratered as rate hikes hit the economy, and even job growth may be on the platter for reduction given historical rate curve inversions.
With all of the questions about valuations and about anti-trust lawsuits against tech companies, traders, hedge funds, and institutional investors are basically turning tail and making adjustments as September 30 approaches and annual prospectuses are due for publishing. The question now is, where is the bottom?
Let’s look at the charts to see what might happen for MNQZ23, as NOTHING IS CERTAIN.
Asia idled MNQZ23, but Europe sold the late US session rebound overnight, and volume and price spreads turned negative. If MNQZ3 can rally above the 14769.50 VWAP line, once again it has a shot at gaining ground past the 14821.25 high perhaps to 14885 and even 14965 by Friday should buyers drive pricing through the previous price resistance lines and VWAP lines.
If not, however, it could be a very short trip back to 14587.25, and potentially back to 14523.75 and 14442.50 by Friday if sellers again dominate the action. The most notable thing I mentioned yesterday is that 14239 is the next significant VWAP line and below that is a trip back to the 13800s. We are giving up layers of support gained after spring’s banking crisis. We will see how inflation related data and economic growth data will affect where a bottom will be put in. Only time will tell.
A trading error on my part cost me 19 NQ points even as I was short, so the bumpy week continues for me. I will saddle up again today to see what is available via my trade plan.
That is all for the abbreviated session today. Make today a productive, profitable and pleasant Thursday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
Very helpful!!