12/18/2023 – A positive day with the Dow Jones up 1 point (+0.01%) and the Nasdaq up 90 points (+0.61%)
It is rather entertaining, but today’s top on the NDX has matched its January of 2022 counterpart to the point. No breakout yet. Having said that, it is a little beside the point. As we have mentioned before, we now have numerous confirmation that both the NDX/SPX will see their respective all time highs.
The Dow pushed slightly above its Intraday short-term point of force discussed in our Intraday analysis. Although, it remains within the margin of error and cannot yet be fully dismissed. Meaning, while it is possible we get a pullback here, that possibility has greatly diminished short-term since we have pushed slightly above this short-term point of force. If we push higher tomorrow, this will be confirmed and the rally will continue.
No other changes to our longer-term weekly and prior daily updates.
Now, I found the following article of great interest…….
Visualizing $97 Trillion Of Global Debt In 2023
| Country | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| 🇺🇸 U.S. | $33,228.9 | 34.2% | 123.3% |
| 🇨🇳 China | $14,691.7 | 15.1% | 83.0% |
| 🇯🇵 Japan | $10,797.2 | 11.1% | 255.2% |
| 🇬🇧 UK | $3,468.7 | 3.6% | 104.1% |
| 🇫🇷 France | $3,353.9 | 3.5% | 110.0% |
| 🇮🇹 Italy | $3,141.4 | 3.2% | 143.7% |
| 🇮🇳 India | $3,056.7 | 3.1% | 81.9% |
| 🇩🇪 Germany | $2,919.3 | 3.0% | 65.9% |
| 🇨🇦 Canada | $2,253.3 | 2.3% | 106.4% |
| 🇧🇷 Brazil | $1,873.7 | 1.9% | 88.1% |
| 🇪🇸 Spain | $1,697.5 | 1.7% | 107.3% |
I found the above of interest in terms of the US Dollar. Quite a few market participants believe the US Dollar is not worth the paper it is printed on and will soon crash. As accurate as that opinion might be, it flies in the face of our DXY forecast – at least for now.
What the above data shows is that all major economies are stuck in the same boat and that other currencies are arguably “just as bad”. In other words, the US Dollar cannot crash against other currencies that are suffering from the same problem. And once again – YET.
Our DXY forecast is rather unique in that sense and shows USD movements going forward that no one is anticipating. If you would like to see that forecast, please Click Here and select our MegaCap Section.