mrstockyetoro

1 Day Later, 29th November 2022

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
πŸ–Ό Daily Technical Picture πŸ“ˆ

➀ Well I did say a reversal in equity prices was imminent...and here we are 1 day later. VIX jumped higher. I have flipped my positions by 180°.

➀ We need to be cautious here. False short signals happen often in a strong up-trending market. Strong momentum can easily flip us back into a Bullish mode. We could also be just moving into a short-term consolidation phase where prices trade more or less sideways.

➀ I feel that I've been chasing my tail this month. My trade signals have proven to have caught the noise. I've been whipsawed out of positions by a large reversal bar that turned hard fought profitable positions to instant losses. The best example being the 10th and now 28th. Although unpalatable, I do expect to go through these conditions throughout the year.

➀ I flipped my positions to -51% short exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.

➀ Conclusion: Let's see how prices react at the strong support levels just below.

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