Monthly MNQU23 Price Chart (Video starts at the beginning)
Weekly MNQU23 Price Chart (3:00 Minutes)
Daily MNQU23 Price Chart (From 5:53)
Please watch specifically the daily analysis that starts at 5:53. What is important to understand is that evidence seems to be slowly mounting for a possible reversal, as (if you watched the entire video) you would see that momentum is overbought as price spreads just turn positive on the monthly chart. That same kind of bearish divergence carries forward into the daily charts, though volume ( as a seasonal issue for summer) has been lighter than normal recently.
There are all the problems still out there, domestic and foreign grain harvesting and trade boycotts, food inflation, and the effects of exporting inflation via the U.S. Dollar in trade will force BRICS and other nations into commodity-backed currencies somewhere down the road.
Tech earnings will be a question that must be answered, and the aftermath of QQQ rebalancing will probably tip MNQU23 and other markets into higher volatility than might otherwise have been expected.
My time today is limited for those discussions, but they will be covered here. I am not at liberty to discuss all of the details either, but I may be able to turn this Substack into a substantially broader discussion that I could be compensated for without costing you anything (unless I decide to provide content that would be considered proprietary). This is BY NO MEANS CERTAIN, but I am considering options. Had Substack existed 10 years ago and Reuters not cratered my data format, this might have been one of the premiere stock research sites on Substack.
That will not happen now, as it would take me probably 1 to 3 years to rebuild. It is an absolute shame that Reuters screwed the trading software world 9 years ago, but I think Reuters did it to instantly gain a foothold in the marketplace.
At any rate, that is all for now. Have a peaceful weekend. I will be back on Monday.
