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
As Asia opened last night, a tiny gap in price action to the upside began and an MNQZ23 rally ensued, perhaps based on the lack of a U.S. government shutdown and a new very short-term budget resolution for the bankrupt U.S government was passed.
America does seem to be increasingly recession bound according to Bloomberg, and yet Americans at every level have spent their savings down and still spend like crazy folks. And as that goes on, interest rates continue to climb, making most things people save for, like housing and cars, completely out of reach for the average American.
And of all things, Bill Ackman wants Twitter. Should the PRC capture Elon Musk’s Tesla operations in China, which they’ve threatened to do in the past, perhaps he bas a buyer, as he will likely have to raise cash. Only time will tell.
It’s a crazy world out there, but let’s just look at the charts.
Some selling kicked in in the 0500 EDT hour in Europe, but the analysis shouldn’t change a lot. If MQNZ23 can remain above the 14939.75 VWAP line, then it has a reasonable chance to rally back to 15060.75, and beyond to 15128.75 and 15215 by Tuesday. If it does not, the price support around 14883.50 kicks in, and failing that, it could slump back to 14811, the previous hourly swing low. If that fails, MNQZ23 could fall back to 14743 and even 14565.75 by Tuesday.
The gaps in commercial holdings to the upside are almost as wide as the downside. With so much confusion out there, the price momentum will depend on which side, buyer or seller, shows up. Trying to predict a direction is not going to be easy. Seeing where volume and price momentum can take you is at least observable in real time.
I made 19 NQ points on the short side per contract on Friday. We will see what happens this morning.
That is all for me today. I hope everyone remains productive, happy and profitable this Monday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
