Breaking Loose, 3rd Feb 2023
🖼 Daily Technical Picture 📈
➤ ...almost but not yet. There are still some short-term resistance levels to surpass. However, the momentum is there. *After-hours sell-off as I write due to earning reports from Apple, Google etc.
➤ The Dow30 Bluechip stocks are really being left behind in this latter part of the rally. Or we could say the NASDAQ is just catching up on lost time. There is some sector rotation here and the rally is not all that uniform despite many commenting on the "strong" breadth i.e. wide participation of stocks in the rally.
➤ I'm expecting at least a pause in proceedings to work off the extreme overbought conditioins. I currently hold no position.
➤ Conclusion: This may be nearing the end of the short squeeze.
➤ ...almost but not yet. There are still some short-term resistance levels to surpass. However, the momentum is there. *After-hours sell-off as I write due to earning reports from Apple, Google etc.
➤ The Dow30 Bluechip stocks are really being left behind in this latter part of the rally. Or we could say the NASDAQ is just catching up on lost time. There is some sector rotation here and the rally is not all that uniform despite many commenting on the "strong" breadth i.e. wide participation of stocks in the rally.
➤ I'm expecting at least a pause in proceedings to work off the extreme overbought conditioins. I currently hold no position.
➤ Conclusion: This may be nearing the end of the short squeeze.
🏆 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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