➤ Equities prices continued to fall. Two price gaps were closed. A lower gap that formed on the 10th Jan and the opening gap from Thursday trade. S&P500 has fallen below the support level at 390.
➤ I think it is clear that price has just formed a lower high. I could argue the short-term downtrend from the Dec 2022 high has been established. This counters the uptrend from the Oct 2022 low but re-aligns with the long-term downtrend since Jan 2022. Did you get that?
➤ Another thing that has re-aligned is that the Tech/Growth/Small cap stocks finally underperformed the DJIA and broader S&P500. This is "normal" behaviour under a risk-off period. Does that mean we are back to 2022 mode?
➤ I closed my long position with a loss as price didn't respond like I wanted. What I want and what the market gives are two separate things. Price may still bounce but I'm not going to risk it at this stage.
➤ Conclusion: Next trade is most likely an opportunity to go short. Standing by.
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.