Neutral, 3 Apr 2023
🖼 Daily Technical Picture 📈
➤ The mid-March march in equities has neutralised the short-term down-trend. A higher high as been set. To move from neutral to an uptrend we need to see a subsequent higher low. That potential higher low could come swiftly.
➤ S&P500 is at key levels with 410 and 417 acting as resistance on the SPY. A correction in the price should close the unfilled price gaps at 404 and 397. The latter target is where the 200-day moving average hovers.
➤ We should also expect some profit-taking especially in the mega cap tech names after a massive near +18.6% quarter gain in the Nasdaq. This too will help to fulfill the above scenario.
➤ Conclusion: I remain positioned long with a moderately-sized position. Just waiting for an exit signal.
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ The mid-March march in equities has neutralised the short-term down-trend. A higher high as been set. To move from neutral to an uptrend we need to see a subsequent higher low. That potential higher low could come swiftly.
➤ S&P500 is at key levels with 410 and 417 acting as resistance on the SPY. A correction in the price should close the unfilled price gaps at 404 and 397. The latter target is where the 200-day moving average hovers.
➤ We should also expect some profit-taking especially in the mega cap tech names after a massive near +18.6% quarter gain in the Nasdaq. This too will help to fulfill the above scenario.
➤ Conclusion: I remain positioned long with a moderately-sized position. Just waiting for an exit signal.
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ 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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