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
MNQZ23 did in fact fold back almost all the gains of Monday and the found buyers, not to much in Asia, but in Europe. A lot of things changed overnight in the USA and abroad.
Apparently a ceasefire and release of prisoners is being worked out between Israel and Gaza after the conflict that began on October 7. That might certainly relieve some market tensions when it comes to the tinder box of potential global conflict.
Sam Altman is back as OpenAI’s CEO. Whether it is considered a win for Microsoft or not, I think it is good to see somewhat of a severance between the two entities. I personally want to see more and not less competition in AI, even though currently it in the hands of a small oligarchy at present.
Changpeng Zhao is going to jail for money laundering in the ultimate collapse of Binance, which now the U.S. Department of Justice (DOJ) may soon operate. What is sad about this is that, other than for money laundering for Hamas, our DOJ will likely never investigate if American politicians participated in money laundering in Ukraine and other nations (Qatar being a potential suspect) for political purposes. I have a feeling one could fill up a federal prison facility with those individuals. This would seem to be the same kind of conviction that Ghislaine Maxwell got. We found the pimp, but we never got to or probably ever will see the client list and the flight manifests to reveal individuals engaged in the untoward acts against minority age children. I shut down plans to spread trade cryptocurrencies as a result of the Bianance and Coinbase issues. That turned out to be a good move.
Nvidia, $NVDA, seems to have surpassed its estimates in sales and earnings, perhaps that is not enough as it’s share price has dropped in the premarket. Chip stocks may benefit from improving technology and from some protectionist moves by the current administration to foster it, but the whole AI development process is still up in the air and of late filled with tumult. It is still worth watching if you have a long-range perspective.
Though I have read several conflicting forecasts for Christmas shopping, people supposedly have cash to burn if you believe the Wall Street Journal. Are you aware of holiday scams? Here is a quiz to help you answer that question. You can fill it out as you stuff yourself with turkey, dressing, pumpkin pie, and God knows what else.
Let’s get back to the charts.
If MNQZ23 can rally beyond 16049.75, it has a chance to continue into the relative vacuum of commcercial holdings above it to get to 16084.75 and even 16125.50 by Friday, if for some reason a short day of trading on Friday can drive the price ot hat limit. If not, and sellers become aggressive again, MNQZ23 could fall back to 15981.50, and if that support fails, it could easily run back to the swing low of 15912 and even pull back to 15883 and 15846 by Friday if there is a surge in selling on Friday. Realistically, given holiday volume, those prices might even take until Monday to come into fruition. We could finally see a Santa Claus rally if we can break out above these price ranges, but only time will tell.
I picked up another 15 NQ points profit short yesterday. I will watch volume to see if anything is worth trading according to my trade plan.
That is all for me today. This will be the last publication of the The Buffalo Trader’s Writing Desk until Monday, November 27, 2023. I need to organize a few things with a new business, and volume will be light in all likelihood, so I will take a break for Thanksgiving. Thank you once again for supporting this Substack. Have a profitable Wednesday, a happy Thanksgiving, and be back here on Monday!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
