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
People make light of dire situations such as war. Imagine Bugs Bunny and Daffy Duck figuring out what “war season” it is. With situations so dire in the Middle East and Eurasia, imagine, as some intelligence wonks think, if it also becomes South Korea season and Taiwan season, as their enemies to the north and west respectively sharpen their knives in anticipation. That could lead to some dire circumstances, as the United States is also in a weakened position militarily at the moment. Pull that big mess together and you have the elements of a potential world war and beyond that a kinetic nuclear war. I have run out of time to produce The Buffalo Trader’s News Aggregator, but I could easily write a column about my personal experiences with the threat of nuclear war as a child and why, unlike what Mr. Blinkin believes, it will far worse than “climate change” (if it fact that is a problem which I personally have deep doubts about). That will have to happen later.
If you want a reasonable glimpse, in terms of estimated post-war impact, of what could happen during and 100 days after a nuclear war between Russia and the United States, watch this video. It is not pretty. That is why everyone on earth needs to tell their leadership that such a thing must NOT be contemplated. Mr. Blinkin needs his head examined.
The big problems outside of that is that our debt situation, given that spending is totally out of control and no Congressional cap on it can exist before January 2025. That is best expressed in this Hedgeeye video. Inflation will continue to be a threat into 2024 as is the threat of a recession in the USA and a world economic slowdown. Despite all this, and China’s real estate and economic debacles, it seems world equity markets persist to hold onto value and MNQZ23 seems to be no exception.
Let’s look at the charts.
If MNQZ23 can remain above 15202.75, odds are favorable, given the lack of commercial holdings above that price, that the swing high of 15237.75 will be exceeded and that 15312 and even 15409.25 is possible by Wednesday, depending on the intensity of buyer activity.
If not, it would appear that with post lunchtime rally after 1200 EDT (one I missed as I had other commitments), a correction back to 15069 to around 15018.75 could occur. If that price support fails, it could be a very short trip back to 14965, and 14890.75 and even 14796.25 are possible by Wednesday.
(There is a software glitch this morning on my platforms Fibonacci scaling tool. The measured lows do not appear to be too inaccurate, but I will resolve this issue this morning.)
I took at 9 point NQ loss trying to jump the first rally which really didn’t kick off fully until after 1200 EDT. If a trade arises today that meets my criteria, I will take it, but I do have quite a few things to get done today, so I will simply have to see if a trade arises early today. If not, I will trade tomorrow when the inflation numbers begin to roll out.
That is all for today. Have an incredibly productive Tuesday and remain positive amid all the insanity in the world presently.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
