Bang! 19th January 2023
🖼 Daily Technical Picture 📈
➤ Equities fell sharpely on Wednesday trade. It was the largest down move of the new year. The market is reminding us that it's not a one way ticket to the moon. VIX is back above 20. I think we can forgive it for having a peek below the pink zone although I did think it would go lower prior to any rebound.
➤ S&P500 was battling the 200-day moving average. Price movement today rejected that level. It's not a conclusive failure as prices tend to whipsaw around such keenly watched technical levels.
➤ Still of interest is that the NASDAQ/TECH is still outperforming the DJIA BLUE CHIPS even on a large down day like today. Normally you would expect "riskier" assets to sell-off more during a risk-off phase.
➤ I opened a moderate long position looking for a quick trade.
➤ Conclusion: Dull one moment, intense the next.
➤ Equities fell sharpely on Wednesday trade. It was the largest down move of the new year. The market is reminding us that it's not a one way ticket to the moon. VIX is back above 20. I think we can forgive it for having a peek below the pink zone although I did think it would go lower prior to any rebound.
➤ S&P500 was battling the 200-day moving average. Price movement today rejected that level. It's not a conclusive failure as prices tend to whipsaw around such keenly watched technical levels.
➤ Still of interest is that the NASDAQ/TECH is still outperforming the DJIA BLUE CHIPS even on a large down day like today. Normally you would expect "riskier" assets to sell-off more during a risk-off phase.
➤ I opened a moderate long position looking for a quick trade.
➤ Conclusion: Dull one moment, intense the next.
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✅ 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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