Neither Here Nor There, 5 May 2023
🖼 Daily Technical Picture 📈
➤ Another day down, you'd start to think it's becoming a trend. It may be the start but as for now I've downgraded the Short-Term equity trend to Neutral - meaning it's trendless, neither here nor there. The reason for the trendless tag is that we have experienced a higher high and lower low in recent days - a mix of opposing trend definitions.
➤ Note the price gaps all over the place as indicated by the blue arrows. Today's price gap in the SPY warns of that "acceleration" top formation I described in yesterday's post.
➤ Interestingly, both my Primary and Secondary strategy gave exit signals and this has been executed. I currently hold no positions. It is reflective of the opposing forces. This was a nice hedge that helped to protect capital and delivered on the "diversifying" benefits of incorporating both strategies.
➤ Still, we suffered a loss on this hunt and we go hungry. The price action is developing into a familiar structure. If it plays out our way, I think we won't go hungry for long.
➤ Conclusion: 🐆 Trading is a battle between feast and famine.
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Another day down, you'd start to think it's becoming a trend. It may be the start but as for now I've downgraded the Short-Term equity trend to Neutral - meaning it's trendless, neither here nor there. The reason for the trendless tag is that we have experienced a higher high and lower low in recent days - a mix of opposing trend definitions.
➤ Note the price gaps all over the place as indicated by the blue arrows. Today's price gap in the SPY warns of that "acceleration" top formation I described in yesterday's post.
➤ Interestingly, both my Primary and Secondary strategy gave exit signals and this has been executed. I currently hold no positions. It is reflective of the opposing forces. This was a nice hedge that helped to protect capital and delivered on the "diversifying" benefits of incorporating both strategies.
➤ Still, we suffered a loss on this hunt and we go hungry. The price action is developing into a familiar structure. If it plays out our way, I think we won't go hungry for long.
➤ Conclusion: 🐆 Trading is a battle between feast and famine.
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ 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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.