Textbook, 22 May 2023
🖼 Daily Technical Picture 📈
➤ Due to unpopular demand there will be no more rhyme. I guess I will stick with Trading as my full-time job.
➤ We currently have a textbook re-test of the breakout above the recent consolidation in the S&P500. We will need to re-label the consolidation as a "re-accumulation" if it proves to be a bullish. Re-accumulation simply means that the Whales have been buying up while trying to shake loose Weak Hands. This is the only method for increasing their overall holding without moving prices higher (hence the ups and downs within the consolidation).
➤ That being said my secondary strategy has triggered a Short trade. This means we are partially hedged with a large bullish position and a minor bearish position. Remember, these are independent trades. Either both could be right or both wrong or split eachway. It just depends on how price evolves.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Due to unpopular demand there will be no more rhyme. I guess I will stick with Trading as my full-time job.
➤ We currently have a textbook re-test of the breakout above the recent consolidation in the S&P500. We will need to re-label the consolidation as a "re-accumulation" if it proves to be a bullish. Re-accumulation simply means that the Whales have been buying up while trying to shake loose Weak Hands. This is the only method for increasing their overall holding without moving prices higher (hence the ups and downs within the consolidation).
➤ That being said my secondary strategy has triggered a Short trade. This means we are partially hedged with a large bullish position and a minor bearish position. Remember, these are independent trades. Either both could be right or both wrong or split eachway. It just depends on how price evolves.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
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✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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