MNQH24 Hourly Analysis For 01/11/2024 My Way of Analyzing Potential Daily Price Ranges
Presenting ranges for possible targets based on inflation data today. Is it to the moon or back down to key support? Who knows? Let's look anyway.
Fibonacci Price Scale with Targets
What we see today could set the tone for the Federal Reserve for the first quarter or beyond as far as rate cuts (or lack thereof are concerned). Somehow J.P. Morgan has become dovish (Bloomberg dropped the article published last night and I will retrieve it in Substack notes if I can find it again), thinking 5 rate cuts are possible. Others are more or less sanguine.
To cut to the chase, MNQH23 can run as long as the printing presses continue the fiat monetary largess under Congressional, Federal Reserve, and U.S. Treasury policy abounds. There will be a Gotterdammerung down the road, but like the honey badger. “Congress don’t care”. Seems like Mike Johnson is a sellout just as Kevin McCarthy was, so what else is new? The Uniparty is alive and well, and your storer of value, the U.S. dollar becomes more valueless daily.
If MNQH24 can rally above 17015, it has a great opportunity to take out 17091.50 and run even to 17145.75 by Friday. If not, it could be a short trip back to 16892.50 and beyond that to 16850 or even 16795.75 by Friday.
Until I see a bearish pivot worth noting on the monthly chart, or other charts, I will not try to calculate a bearish target. When I do, I will post it.
We have the reverse repo issue to deal with, and all manner of financial, political, and social upheaval to deal with. If the free money continues to run, it will be sucked up by tech stocks and probably a broad swath of industrial stocks in the USA. When earnings and sovereign budgets get crushed, so likely will your portfolio.
No one can predict what is next.
We will simply have to keep an eye on things. I am up 22 net NQ points on the week, but I am trying to limit trading to the best set-ups. Those have been long primarily this week.
No decision has been made as to a change in format here. I will try to post things as events occur. Your support of this Substack is deeply appreciated. Have a great rest of the week!
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.