Hi all,
I know I have not been very vocal the past two years. Bearish market is just not my thing. I have been mainly in cash all this time just waiting it out. We could be close to being back into a bull market. Why you say?
Well by referring to the SPY chart you can see the following points:
1- An ascending triangle has been building up strength over since August 2022. It is not confirmed yet so I may be a bit early on this one. We still have to break the 420 resistance level with volume to confirm this pattern
2- Golden Cross (Circled in blue). For the first time since July 2020, the 50MA crossed over the 200MA. This is usually a very bullish sign. But time will tell.
3- Both 50MA and 200MA are on a positive trend since the golden cross. Again, the underlying trend is showing some very positive patterns.
4- 250RSI is above 50, which is again a sign of bullishness.
5- We hit the 350 level in October 2022 and never broke it. This was solid support. This level was also the price target of the Head'n Shoulder pattern that had shower up in January 2022. The HS chart pattern was fully filled. There seems to be nothing left to bring the price back down again.
6- Recessions signs: No recession in 2022. Could happen in 2023 though. But the thing is that the market may already be passed that. The market already dealt with a possible recession and is now ready to grow again.
So again, these are my thoughts. Please do your own DD prior to investing. Always a smart thing to do.
As always, stay humble, have fun, make money.
Oh yeah, and I just go back on Twitter again. No followers, Who will be first?
MAAX.
I know I have not been very vocal the past two years. Bearish market is just not my thing. I have been mainly in cash all this time just waiting it out. We could be close to being back into a bull market. Why you say?
Well by referring to the SPY chart you can see the following points:
1- An ascending triangle has been building up strength over since August 2022. It is not confirmed yet so I may be a bit early on this one. We still have to break the 420 resistance level with volume to confirm this pattern
2- Golden Cross (Circled in blue). For the first time since July 2020, the 50MA crossed over the 200MA. This is usually a very bullish sign. But time will tell.
3- Both 50MA and 200MA are on a positive trend since the golden cross. Again, the underlying trend is showing some very positive patterns.
4- 250RSI is above 50, which is again a sign of bullishness.
5- We hit the 350 level in October 2022 and never broke it. This was solid support. This level was also the price target of the Head'n Shoulder pattern that had shower up in January 2022. The HS chart pattern was fully filled. There seems to be nothing left to bring the price back down again.
6- Recessions signs: No recession in 2022. Could happen in 2023 though. But the thing is that the market may already be passed that. The market already dealt with a possible recession and is now ready to grow again.
So again, these are my thoughts. Please do your own DD prior to investing. Always a smart thing to do.
As always, stay humble, have fun, make money.
Oh yeah, and I just go back on Twitter again. No followers, Who will be first?
MAAX.
