MNQH24 Daily Chart Analysis 01/23/2024
When you look solely at AB=CD patterns, we could be near an inflection point on a daily chart. It lacks the "three drives to a bottom" clarity of the last correction, but still it stands. What's next?
MNQH24 Daily Chart
I wanted to pass this along to those who follow these patterns as I do. We could be at an inflection point, as it seems we may be shortly seeing a pivot in the daily chart for MNQH24.
Is a bearish pivot guaranteed? Of course not. The one thing I do not have access to is my neural net models which would project probabilities, but when you see the fairly clear alignment of target values to actual values, you need to be aware that change in direction might occur in that area.
What is important to note is that as we move into next week, there is a lot of economic data in the USA that will determine if the “free money” (after inflation) still flows.
Take a look at Trading Economics dot com below.
On Thursday, January 25, we will have durable goods orders data, which will give us an idea about industrial production growth and quarter-to-quarter GDP growth. On Friday, January 26 we will have Core PCE, Personal Income, and Personal Spending data released. The following Monday we will have JOLTS, and on Wednesday we will have the Federal Reserve interest rate announcement announcements. Those all could be bellwether flags that could shift the dynamics of market activity and price action.
No one knows for certain, and I for one do not completely trust inflation measurements, but we will simply have to be aware of data-driven market action as we head into the next couple of weeks.
That is all for me today. I still have not decided exactly what happens to this Substack, but I will continue to post periodically as I have here when I see something that might be worth watching. I am reconfiguring my network for my reconfigured real estate business, and that equipment hits the doorstep today and tomorrow. That will be my top priority this week. I will STILL be trading, however.
Thanks to everyone who has supported this Substack. It is greatly appreciated! Have a wonderful Tuesday and a profitable week!