When I was a little kid, I remember watching the film “Powers of Ten” as the Air & Space Museum with rapt attention. In that spirit, let’s take a look at what’s going on with the NQ futures.
The one-minute chart shows we’ve had a nice little tumble in the wee hours of this morning. As I’m typing this, we’re down about 30 points, which isn’t even a quarter of a percent.
The five minute chart is a bit more interesting. There’s a topping pattern with support at 13,520 (which I’ve subtly put with a tiny footnote below). If we break that, we’ve got about a 135 point decline potential in front of us.
On top of that, that would break this uptrend on the 15-minute chart.
Here’s the thing, though: the diamond pattern I was following with such excitement was pretty much wrecked at this inflection point of the 1-hour chart.
Thus, on the 4 hour chart, you can see our deceased diamond pattern, now that prices have reached escape velocity.
My conclusion from all this? We’re probably on the road to a wee bit of excitement with maybe a 1% drop, but the bigger picture is still a big fat mess. On the one hand you’ve got trillions of dollars of fake new money pouring down everyone’s throats, and the other hand, you’ve got facts and hard reality. So far the money and the throats have been winning the day, and that’s been the case for thirteen years now.