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 as other markets languished yesterday and it could literally be from exhaustion of the anticipation of Fed news and general world turmoil.
Today on the tech front, we find that Intel may be the lead dog for making chips for the U.S. Department of Defense in its military and intelligence objectives under the slightly-later-than-anticipated Chips Act, to avoid the deleterious effects of what could be an approaching Chinese invasion of Taiwan.
SpaceX seems to have finally achieved positive cash flow and a lowered dependence on your American tax dollars by success with Starlink internet services. It would be really nice on our wallets too if those EVs at Tesla could actually be profitable without subsidies. I shall not hold my breath, but that could eventually happen. Who knows?
And in the PRC, where China is trying to diminish the presence of U.S manufacturers inside its borders, Ken Griffin encourages investment in China. Deglobalization could be a code word for predatory corporate practices under SOES (state-owned enterprises). As many U.S. state pension funds imperiled by ownership of bankrupt Chinese entities, one might think better of such a proposal, particularly since accounting practices are not standardized in China. But hey, a hedge fund manager has to try to push investment, right?
Let’s worry about that later and take a look at the charts.
If MNQZ23 can remain above the 15202.75 VWAP line, it has a good chance at taking out the swing high of 15257.50 and rallying to 15290 and if it can penetrate those other VWAP line around 15300, it could get to 15331.50 by Wednesday. If that does not occur, MNQZ23 could find support around 15169. If support fails in that region then we could see a retest of the swing low at 15138 and perhaps pull back to 15105.50 or even 15064.25 by Wednesday.
What I am beginning to wonder about is the strength of any late year rally being dependent upon what the real inflation rate is. We won’t see that data until next week. Will the markets press forward or simply stall out between data releases? Only time will tell.
I picked up 14 NQ points per contract long yesterday, waiting patiently for a breakout, and then I went on to other business.
That is all I have for now. Make this Tuesday count for you!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
