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
Language alert on the honey badger video link.
Regardless of the insanity in this world, MQNU23 and other US equity markets are basically honey badgers ( as if they’re not already casinos in the wacky rate environment of the last 14 years, at least). Against the onslaught of government-created insanity, not just the average “wall of worry”, they march higher.
Not only are our LEIs in decline, China has suffered a near-term collapse in exports. As Xi makes noises about war, Taiwan prepares to potential conflict.
Inflation, what inflation? THIS inflation. Grain prices continue to cause problems at the grocery counter, where most folks in Main Street America spend time, and those same cost spikes will affect meat prices as well in lagged fashion. On the street, the pain of double-digit percentage price increases is hitting hard still.
Risk off, RISK ON? This is a retweet, but it shows how screwy bond and stock markets are. If you wonder why I do not hold massive amounts of stocks or bonds, this video pretty much covers it. I will trade anything at the margin, but I will not actively participate in long-only positions as there is so much manipulation in the interest rate structure. If that gets repaired, I will consider owning the paper assets again en masse as I did for most of my younger life. We are not there just yet in my opinion.
More on that this weekend. Let’s get back to the charts.
If MNQU23 remains above 15459.75, then the odds are quite good that 15572.50, 15655, and even 15746.50 are possible by Friday.
If not, support at 15361.74 is next, and if that fails there is likely support around 15320.60. Further selling pressure would bring support near 15269.50. It can exceed that to 15204.75, but I want to see how much force this rally can have.
The path of least resistance is higher as the selloff in November 2021 was so severe. As there is a dearth of commercial holdings above 15450.75, a really to those levels above it might be swift. ONLY TIME WILL TELL HOWEVER.
Picked up 19 NQ points long. Hopefully, by next week I will return to scalper/trader mode allowing me to let one contract run for the longer gains as has been possible over the last several days. The statistical improvement in profit has been quite helpful with the modified entry method I am using.
I have business meetings tomorrow, so it may be the weekend before I fully deploy the new platform, but it WILL happen.
Have a pleasant and profitable Thursday everyone!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
