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
Market bided their time yesterday as most of the action anticipated as a result of the release of inflation data likely happens today. The history of that date can bee seen in the Trading Economics link below this write-up, in the calendar section.
The Wall Street Journal sees potential problems with energy prices. It should be worried as energy prices are a part of PPI which flows through all consumer goods pricing for transport and for manufacturing and processing. Bloomberg states that CPI will tend to move sideways with the Fed leaning toward more rate hikes. More rational people than these media pundits know that inflation is, after all, a monetary phenomenon that can only stop when the printing presses stop. This is not happening currently at the behest of a spendthrift Uniparty Congress. When the state produces valueless currency out of thin air, one generally gets the mess we have now. With no spending cap and unlimited printing, inflation will only get worse until it stops and spending is cut. A strict Federal budget should be rigidly maintained to prevent politician theft and the destruction of or by the entitlement state. It too should also be cut back severely to leave investors and individuals to seek their own solutions. Don’t get me started on currency backing, but that ultimately will have to occur if the moorings of the American economy can ever be steadied.
The coming Asia Pacific Summit will bring the leader of another state engaged in senseless draconian lockdowns, Chairman Xi Jinping, and President Joe Biden, who threw the United States into a now nearly hyperinflationary lockdown, together to discuss trade and economic issues. Elon Musk, himself held hostage by his Tesla Gigafactory in Shanghai and representatives of other banking entities like Citibank, will be there also. These companies are a bit battered by Chna’s insistence on using promoting domestic services over foreign-owned services. They will discuss the possibily of new business and trade agreements.
Two other weird stories involve shennanigans at the FDIC, and the most disturbing of all, as the EU unveils its CBDC and digital ID prison, the FCC through Congress may indeed pass the internet kill switch legislation long feared by libertarians. Such legistlation could ultimately lead to a digital ID in the U.S. and the implimentation of deeper authoritarian restrictions on people and business. You might want to contact your Congressperson or Senator about that legislation.
Perhaps I can discuss these items in further detail, but for now, let’s look at the charts.
Assuming MNQZ23 can remain above 15558.50, it has decent odds of taking out the 15607.50 swing high to rally to 15625.50 and perhaps 15648 by Wednesday. If not, there is price structure support around 15558.50 which if breached, could lead to a pullback to the swing low at 15541.45 and beyond that to 15524 and 15501 by Wednesday. We will probably determine the net direction of MNQZ23 as a result of today’s announcements, but no one knows for certain.
I picked up another 20 NQ points profit per contract short yesterday and after that, the price momentum and volume stalled and I walked away to get other business done.
That is all I have this morning. I hope your Tuesday makes you money and makes you happy all at the same time!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
