For the bulls in the audience, assuming news flow doesn’t destroy the Federal Reserve-based liquidity market groove somewhat guaranteed by the latest ‘continuing budget resolution’. You know, the one which uncaps spending and keeps "covidiocy” level spending in place until January 2025. As a result of that and continued market momentum above the 13376.25 VWAP line, this is your new estimated maximum bullish target based on a simple AB=CD extension as Mr. Gartley would have observed:
21110.50 would be that new target. Will it get there, who knows, but as the days and weeks go on, I will provide some research to discuss why or why not that result will take place.
I am in the midst of upgrading some of my abilities to exploit the volume profile model I used in combination with H. N. Gartley’s technical work at the moment. I am certain yet, but I should know shortly, whether or not I can use my NinjaTrader lifetime license (something I earned while testing programming for first-generation direct order management systems which are commonplace now) with this software to show you in backtest format how these trades I set up actually work. That part of the deal is still up for grabs, but if I can access it, it will be featured here.
I will not be doing any analysis much this week, but I will do my best to continue to improve this Substack incrementally in the future. Some facts about my readers:
About half of you read every post every day or the day after. My open rates on a 24-hour basis run about 35% plus or minus 1% at the median. That is sort of hard to do, as I do not have the reach I once had with the old “The Buffalo Trader” blog when my writing and analysis were tied to a daily radio program to which I contributed normally twice a week. My readership, as small as it is, is LOYAL and continues growing. You do not know how much I appreciate that, which is why I will continue this venture further.
I may also continue some commentary that I began to create for this Substack in 2021 and 2022. My activity will need to slow down a bit to write, as I am a one-man army. (I have no staff, but I will admit to having a toenail fungus problem on occasion :D ).
Stick with me, and more will be coming! Thank you for supporting my Substack!
Have a great week this week.