Halfway to Somewhere
It's Wednesday and we are going somewhere, but where are we going exactly?
9/27/20232 min read
In case you woke up and had no idea who or where you are, today is Wednesday. The midpoint of the week. Ol' Hump Day. Which means we are halfway on our journey. Where are we journeying? What's our final destination? Surveying the "experts" and random people on social media, we are either going to zero or going to all-time highs. Or maybe both simultaneously.
Despite the myriad chartsters voraciously waving their 1987 charts around and guaranteeing chaos and pandemonium and another market crash, the market hasn't totally fallen apart yet. To be fair, during the RTH sessions it really hasn't felt like there's been much of a bid. You could probably have gone short anywhere and if you were sized appropriately just held on and prayed and made it out in profit. We do not recommend this strategy unless you like sweating through your shirt and taking years off of your life, though.
Then there's the other half of the crowd who are shouting about buying opportunities, pointing at the RSI, looking at VIX, drawing 17 fib spirals and yammering on about oscillators and MACD and Wyckoff and standard deviations and whatever else to convince people we are finding a bottom. Pro tip: if someone starts talking about any of those things, just turn around and run away. They don't mean anything. I'll now brace for angry comments about how they mean everything. Waits.
Where are we going? I have no idea. I don't claim to know what's going to happen, or know where the bottom is, or know where the top is. I just strap in every day and feel the Gs. I think it's smart to have some longer-term ideas, put together a thesis or two, and be prepared for whatever may happen. If you have enough conviction, heck even take a trade based on that thesis. If someone tells you they KNOW what's going to happen, though, they couldn't be more wrong. Where are we today? Halfway to somewhere.
Here are the NQ levels for today:
Current price: 14740
Upside Targets: 14740, 14782, 14818, 14865, 14920
Downside Targets: 14680, 14666, 14633, 14535
Stretch: 14977, 14468