🖼 Daily Technical Picture 📈
➤ S&P500 was able to climb above the resistance/support level at the end of the days trade. This has set a higher low above the yearly low on 13th Oct. We now have the first set of higher highs and higher lows => an uptrend in the classical technical definition. 📈
➤ While the Bulls may be rejoicing on such an occasion, we must note that within the larger context, the price is still stuck in the choppy range bound condition. A move above 390 in the SPY would break those shackles.
➤ Looking across at other markets, NASDAQ still looks very weak. The Russell 2000 still have not triggered an exit for my short position despite recent bullishness. DAX hit resistance and was unable to stay above it for now. STOXX50 did overcome resistance. VIX is dangling in the reversal zone.
➤ With the above set of conditions, I'm still leaning Bullishly but have cut NASDAQ and DAX longs. The portfolio sits at +32% long exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: CPI data on Wednesday could have a huge influence on the near term Bullish progression. I'm inclined to go sit on the fence.
➤ S&P500 was able to climb above the resistance/support level at the end of the days trade. This has set a higher low above the yearly low on 13th Oct. We now have the first set of higher highs and higher lows => an uptrend in the classical technical definition. 📈
➤ While the Bulls may be rejoicing on such an occasion, we must note that within the larger context, the price is still stuck in the choppy range bound condition. A move above 390 in the SPY would break those shackles.
➤ Looking across at other markets, NASDAQ still looks very weak. The Russell 2000 still have not triggered an exit for my short position despite recent bullishness. DAX hit resistance and was unable to stay above it for now. STOXX50 did overcome resistance. VIX is dangling in the reversal zone.
➤ With the above set of conditions, I'm still leaning Bullishly but have cut NASDAQ and DAX longs. The portfolio sits at +32% long exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: CPI data on Wednesday could have a huge influence on the near term Bullish progression. I'm inclined to go sit on the fence.
🏆 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