Bang! 19th January 2023

🖼 Daily Technical Picture 📈

➤ Equities fell sharpely on Wednesday trade. It was the largest down move of the new year. The market is reminding us that it's not a one way ticket to the moon. VIX is back above 20. I think we can forgive it for having a peek below the pink zone although I did think it would go lower prior to any rebound.

➤ S&P500 was battling the 200-day moving average. Price movement today rejected that level. It's not a conclusive failure as prices tend to whipsaw around such keenly watched technical levels.

➤ Still of interest is that the NASDAQ/TECH is still outperforming the DJIA BLUE CHIPS even on a large down day like today. Normally you would expect "riskier" assets to sell-off more during a risk-off phase.

➤ I opened a moderate long position looking for a quick trade.

➤ Conclusion: Dull one moment, intense the next.
Chart PatternsdjiaS&P 500 E-Mini FuturesTechnical IndicatorsQQQrussell2000S&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend AnalysisVIX CBOE Volatility Index

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