🖼 Daily Technical Picture 📈
➤ Price pushed strongly higher through resistance. After-hours trading is showing weakness due to earnings releases from Google & MSFT.
➤ With today's action, it is probably right to say the market structure has formed a double bottom formation (one could argue a small double bottom also occured with left/right bottom on 30 Sep/13 Oct). The larger structure has a left bottom on 17th Jun low and right bottom on 13th Oct low. If true, the first price target for the larger structure is the high at the peak on 16th Aug, price of 431 on the SPY. We are 12% away below that level.
➤ Most US/Europe indices have overcome short-term resistance levels.
➤ I added 40% long exposure in US indices, looking for further upside in the short-term. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Double-bottom formations are generally pretty reliable. Let's see how this plays out with the positive expectancy of US mid-term elections and the seasonal Christmas-rally.
➤ Price pushed strongly higher through resistance. After-hours trading is showing weakness due to earnings releases from Google & MSFT.
➤ With today's action, it is probably right to say the market structure has formed a double bottom formation (one could argue a small double bottom also occured with left/right bottom on 30 Sep/13 Oct). The larger structure has a left bottom on 17th Jun low and right bottom on 13th Oct low. If true, the first price target for the larger structure is the high at the peak on 16th Aug, price of 431 on the SPY. We are 12% away below that level.
➤ Most US/Europe indices have overcome short-term resistance levels.
➤ I added 40% long exposure in US indices, looking for further upside in the short-term. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Double-bottom formations are generally pretty reliable. Let's see how this plays out with the positive expectancy of US mid-term elections and the seasonal Christmas-rally.
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice