🖼 Daily Technical Picture 📈
➤ S&P500 is still holding the support level. The longer this goes on, the more favourable it is for the Bears. Without a notable bounce after the steep sell-off since the December high, this shows that Bulls have little conviction to push prices higher.
➤ Still, it is a new year and historically January is a positive month due to the "January Effect". Of course, this didn't work out last January.
➤ The broader picture also shows a holding pattern. The S&P500 has made little headway up or down since May of 2022. It has spent much of that time gyrating +/-10% from current levels. The longer this pattern lasts, the larger the resulting directional move. We have no influence on that direction nor the timing.
➤ I currently hold no positions.
➤ Conclusion: It's going to be another great trading year (hopefully).
➤ S&P500 is still holding the support level. The longer this goes on, the more favourable it is for the Bears. Without a notable bounce after the steep sell-off since the December high, this shows that Bulls have little conviction to push prices higher.
➤ Still, it is a new year and historically January is a positive month due to the "January Effect". Of course, this didn't work out last January.
➤ The broader picture also shows a holding pattern. The S&P500 has made little headway up or down since May of 2022. It has spent much of that time gyrating +/-10% from current levels. The longer this pattern lasts, the larger the resulting directional move. We have no influence on that direction nor the timing.
➤ I currently hold no positions.
➤ Conclusion: It's going to be another great trading year (hopefully).
🏆 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