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
Have read a bit earlier this morning, it seems the Fed will not be concerned if inflation upticks.
There is every forecast from death, destruction,fear, and loathing, to almost Dow Infinity forever! That latter forecaster thinks the US will be in a secular bull market into 2035.
There are realities that would challenge the next equals last scenario. We are printing at least $2 trillion dollars out of thin air this year, and that is expected to continue for at least 10 years, assuming a “Uniparty-like” administration remains in power. We could also be on the brink of a potential 3 or even 4 front world war that this nation is unprepared financially and militarily to fight. The whole “lone superpower” narrative of 1990 doesn’t really exist anymore. We now have the world’s second largest navy and are running low on armaments and tanks (among other things) as the Uniparty and Congress tosses equipment and cash to the Ukrainian neo-Nazi money launderers. There are also inescapable demographic and political factors that are not accounted for in the bullish model.
Still, one must look at the charts to figure out the potential directions of markets, so lets do that!
After yesterday’s decline (which indeed followed the “three-drives-to-a-bottom” pattern nearly perfectly), MNQU23 idled until after 0400 EDT when European buyers became active.
If MNQU23 can remain above 15512, then it is possible that 15294 can be exceeded and 15328.50 and even 15372.50 are possible by Friday. If not, MQNU23 likely settles back to price support at 15215.50 and potentially retest the last swing low at 15167.75, with 15132.75 and 15089 possible by Friday. Today’s reaction to inflation data could determine that, but I am not going to panic about it. I will simply choose to follow my trade plan in either direction as it happens.
I picked up yet another 25 NQ points short. Hopefully next week I will begin to use a trader and a scalper, with the scalper picking up that 25 NQ points and the trader running as a “free trade” to a longer range target, with a breakeven stop. I will keep you posted.
That is it for now. Have a great Thursday everyone!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
