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 Target
It seems from everything out of the equity markets that the party will continue until July, and as such, markets like MNQU23 are going to run, perhaps to new highs and maybe toward that 21-handle I mentioned a couple of weeks ago. The real question is though, how long will this prevail with street-level inflation hurting renters, consumers generally, and businesses? A blank check (no spending cap) and a printing press will lose their power when the currency dies from the largess. That apparently is key to this rally as this article in the Wall Street Journal suggests.
As long as most trade and most financial transactions are done in U.S. Dollar terms, it’s all good. Party on, dudes!
BRICS nations and countries like oil producer Saudi Arabia are working to change that and create a commodity-backed currency to replace or strongly counter the U.S. Dollar in trade and financial transactions. When that balance shifts, our ability to export a large chunk of our inflation will end, and thus will end the printing press, and we have no more ability to circulate the U.S. Dollar freely. That will damage American standards of living much more than it does now. That potential change could be the most important economic story in this crazy 21st-century world.
Enough of that. Let’s look at the charts for MNQU23.
If MNQU23 can remain above 15118.75, then it has an easy shot at knocking out 15441, 15543, and even 15672.50 by Monday. If sellers take hold, MNQU23 likely finds support around 15244 and failing to hold that, it could fall back to 15066.25, and beyond that to 14964.25 and 14834.50 by Monday. It depends of course on news and who shows up to trade. Everything else is uncertain.
Yesterday I made a booboo and got stopped out a breakeven before the major run took place, and I left about 140 NQ points of profit on the table. That is why I am simulation-testing the trade plan to get the kinks out. So far so good.
That is it for now. I am going to finish repairs to this network today and Saturday. That will be the top priority, but as I have time, I will try to write this weekend if I can.
Have an incredibly happy, profitable, and productive Friday and a peaceful and restful weekend!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
