I want to apologize for the mess that happened this morning. I had to rescue another UPC in this network, and now it is fixed. It cost the time I had this morning to write, but it is now dealt with.
When I looked at the MNQU23 charts this morning, I figured the price would bounce off support somewhere around the 15000 area and that is basically what it did. Had you traded in European time and gone short, you were probably happy at 1200 EDT.
It appears that employment (even if wages may suck) continues to hold on, that the economy could in fact delay any recession. We are going to have to watch the dynamic of the shenanigans in Congress, the Fed, and the Treasury Department to see what happens next. On the ground, inflation still stings people at the grocery counter and other places. We are also seeing the depletion of post-pandemic exhaustion of government benefits from the ‘covidiocy’ dwindling also.
There are so many factors that will determine if this economy thrives or slows that it will take some time to figure out. The fiscal, banking and monetary issues still swing over all our heads like the sword of Damocles as our debt and profligate spending continue at near Covid-19 peak levels until January 2025 at least.
More will come tomorrow. Have a great Thursday evening!