🖼 Daily Technical Picture 📈
➤ Price pushed higher once more but was unable to hold most of the gains. More often than not, this bearish looking daily reversal candle is not bearish at all. Buyers tend to bid it back higher.
➤ Price is approaching the next line of resistance. If successful in overcoming that hurdle, the next hurdle is some distance away at 417 on the SPY. That is 9% higher from here.
➤ The VIX (equity fear index) is contracting quickly well below my panic level of 30. If it keeps falling, it will soon hit the zone where things get interesting. This is the area where in previous months equity prices have reversed downwards and VIX rebounded higher. More often than not, the subsequent expansion in VIX has ended with equity prices setting a new low.
➤ I remain with 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: Keep an eye on the VIX.
➤ Price pushed higher once more but was unable to hold most of the gains. More often than not, this bearish looking daily reversal candle is not bearish at all. Buyers tend to bid it back higher.
➤ Price is approaching the next line of resistance. If successful in overcoming that hurdle, the next hurdle is some distance away at 417 on the SPY. That is 9% higher from here.
➤ The VIX (equity fear index) is contracting quickly well below my panic level of 30. If it keeps falling, it will soon hit the zone where things get interesting. This is the area where in previous months equity prices have reversed downwards and VIX rebounded higher. More often than not, the subsequent expansion in VIX has ended with equity prices setting a new low.
➤ I remain with 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: Keep an eye on the VIX.
🏆 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