The Best Dentist, 23 Mar 2023
🖼 Daily Technical Picture 📈
➤ The Market is indeed the BEST Dentist. Rarely does it allow a gap to remain. The price gap in the SPY from Tuesday trade was immediately filled. Yesterday, I contemplated about the manner in that it was to be filled. The Market decided on the second option - a spike higher before moving lower.
➤ Equity markets sold-off aggressively at the end of the trading session. Small cap was battered once more losing almost double that of the major indices.
➤ Inspite of the selling, the VIX remained unperturbed. I would be sceptical of this bearishness if there was to be no follow-through selling and a move higher in the VIX. As you know, I'm keen to see follow-through action as a means of confirming a directional move.
➤ I was hoping for a bullish or small bearish day. That would have neatly set-up a potential short trade. Today's action stole a lot of that potential. That means I will need to wait patiently and see how price action evolves.
➤ Conclusion: Trading action has been a start and stop affair similar to Feb. Hopefully we will get into the action towards the end of the month!
EQUITY TREND:
⦿ Short-term (weeks) - DOWN
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ The Market is indeed the BEST Dentist. Rarely does it allow a gap to remain. The price gap in the SPY from Tuesday trade was immediately filled. Yesterday, I contemplated about the manner in that it was to be filled. The Market decided on the second option - a spike higher before moving lower.
➤ Equity markets sold-off aggressively at the end of the trading session. Small cap was battered once more losing almost double that of the major indices.
➤ Inspite of the selling, the VIX remained unperturbed. I would be sceptical of this bearishness if there was to be no follow-through selling and a move higher in the VIX. As you know, I'm keen to see follow-through action as a means of confirming a directional move.
➤ I was hoping for a bullish or small bearish day. That would have neatly set-up a potential short trade. Today's action stole a lot of that potential. That means I will need to wait patiently and see how price action evolves.
➤ Conclusion: Trading action has been a start and stop affair similar to Feb. Hopefully we will get into the action towards the end of the month!
EQUITY TREND:
⦿ Short-term (weeks) - DOWN
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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