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
Iran, through Hamas, and Hezbollah have gone to war against Israel, and that has certainly caused a ton of international concern. I am not going to discuss that at all here or I will be here for days discussing it.
Even though MNQZ23 did gap down on an hourly basis in Asia, it seems Europe has for now stemmed the selling. With all the VWAP level compression from 14950 to 14861 and oil prices not really spiking ( we saw it near $100 and panicked, and it fell back before heading to $90 overnight), I decided to measure price action from Friday’s swing high to this morning’s (EDT) swing low to measure what daily prices will do today. No one knows what will happen, but if we did not see widespread panic in Asia and in Europe, I would imagine that, at least early, cooler heads will prevail, even if the gaps in commercial holdings indicated in the MNQZ23 volume profile. The real economic data (PPI, CPI and consumer sentiment data) comes out later in the week. There should be sufficient fireworks there, as if the bond market were not enough to cause volatility.
Let’s go to the charts for now.
If MNQZ23 can remain above 14949.50, it has a shot at filling the Sunday night gap down, rally back to 15160.50 and if buyers are aggressive enough, push through the overhead VWAP lines at 15170 and 15202.75 and hit 15212 and 15277.25 by Tuesday. It will take a solid press by buyers to make that happen, but the gaps in commercial holdings can allow such a thing to happen.
If MQNZ23 cannot remain above 14949.50, then it is a short trip back to 14971.50 and selling pressure applied, the price could fall to 14920 and even farther back to 14854.75 by Tuesday, assuming that it can push through the VWAP line cluster between 14909 and 14861.75.
I picked up 21 NQ points per contract short on Friday and went about business after 1100 EDT. I will be quite busy on that front today as well, but if I see a trade that makes sense, I will indeed place it if it meets my trade plan criteria.
That is all for now. Have a very pleasant, profitable Monday, and go get things done that meet your goals!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
