Banish the Bears 4ever (and a summary of other asset classes)

30 avr. 2023🖼 Daily Technical Picture 📈

1 May 2023

➤ Bullish sentiment drove prices higher once more on the last day of April trade. The momentum is building to take out the Feb high at 418.31 on the SPY. This level is important if looking at the monthly chart. A monthly close above this level will in my opinion bring about the beginnings of a longer term bull market. Will this occur in May?

➤ In the very short-term I am positioned long with maximum position size. Hopefully the bullish momentum will continue and kick start the new month on the right foot.

➤ Let's have a quick overview of other assets:

⦿ USD (daily): Winding sideways. I expect further weakening, 1.13 being the target (EURUSD).
⦿ TLT (weekly): Still range bound. I favour the long-term downtrend meaning higher interest rates. Interest rate decision this week may see prices breakout up. Downtrend remains in place unless price moves above 114. At that level, we indeed may see a change in trend.
⦿ GOLD (daily): Retracing, looks poised to take out the all time high at 2070
⦿ NATGAS (weekly): Still unable to break above the 2.30 long term resistance zone. It doesn't look strong enough to breach the resistance. Further downside expected.
⦿ OIL (3-day): Bullish move may have peaked. If true, I expect a re-test of the low at a minimum at 664 (WTI). $64/65 is a multi-year support level. A break below would see much lower prices.
⦿ BTC (weekly): Testing, probing the long-term resistance level at 330,000/31,000. Price can drop further (pick your level) but the new bull trend is firmly in place.

➤ Conclusion: 🐆 The Hunt is on.

EQUITY TREND:

⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN