A sideways choppy market on Wednesday with NQ trending up in the morning and then trend down in the afternoon.
On the daily chart and the 60-minute chart, NQ looks bullish and could rally up to resistance at 25,400-25,500
For NQ to be bullish it has to stay above yey support is at 24,890. A clear break is an indication NQ is going back down to 24,000 support.
NQ Futures Chart
With so many banks on the verge of collapse due to their massive loses losses from their short positions agains a parabolic metals moves to the upside, a massive coordinated attack by the banks and exchanges triggered a cascade of selling that tanked the metal market on Friday.
With so many leverage plaertys that are long the market in deep losing position, failure to top up their margin call due at the opening bell on Monday could cause another day of massive crash in the metal market. It would also affect overall liquidity in the financial market, certain to trigger a massive bearish overall market on Monday.
Look for potential crash as market participants are forced to sell what they can to balance their portfolio. I am expecting a very bearish market on Monday if the precious metal are not able to bounce sharply.
Precious Metals and base metals is the beneficiary of the current volatile geopolitical risk.
Fir the USA invaded Venezuela and threaten to invade Cuba, Panama and Mexico. Then the USA is going to annex Greenland.
Russia is firing a warning to the Western European who are so eager to go to war with Russia. The European are ggoing bankrupt and they think that war will be good for their economy. What they don't know is that the conflict is going to nuclear very quickly and everyopne dies.
Anything is possible, but we know gold and silver is going to continue to rally to unprecedented height.
