The Resistance, 2nd Feb 2023
🖼 Daily Technical Picture 📈
➤ February started off with a bang as equity participants responded favourably to the US interest rate decision. Notable was the strong performance of the NASDAQ and the flat performance in the Bluechip Dow 30.
➤ Price in the S&P500 equity index has reached key resistance levels. It will be interesting to see how prices react. So far in after-hours trading prices have kept moving higher but this is generally unreliable.
➤ At these levels, the price is heavily overextended to the upside. Therefore I am not joining in the fun. The price can keep rising and defy gravity but usually this happens after setting all time highs. We are not in that situation. The higher probability is for some sort of retracement or sideways movement to ease out of the overbought zone.
➤ Conclusion: Waiting for better opportunities.
➤ February started off with a bang as equity participants responded favourably to the US interest rate decision. Notable was the strong performance of the NASDAQ and the flat performance in the Bluechip Dow 30.
➤ Price in the S&P500 equity index has reached key resistance levels. It will be interesting to see how prices react. So far in after-hours trading prices have kept moving higher but this is generally unreliable.
➤ At these levels, the price is heavily overextended to the upside. Therefore I am not joining in the fun. The price can keep rising and defy gravity but usually this happens after setting all time highs. We are not in that situation. The higher probability is for some sort of retracement or sideways movement to ease out of the overbought zone.
➤ Conclusion: Waiting for better opportunities.
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Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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