The Chop, 24 Apr 2023
🖼 Daily Technical Picture 📈
➤ Equities finished flat to down once more. Recent movement has been very low volatility as reflected by the VIX. I still favour further upside as price is well supported at these levels.
➤ That being said, my primary trading strategy did signal an exit and that was executed at end of Friday trade. An exit doesn't mean I am expecting to reverse and go Short. It just means the current trade has run its course. I still hold a long position with 20% of capital due to my secondary trading strategy.
➤ Let's have a quick overview of other assets:
⦿ USD (daily): Similar to the equity market, experiencing a small retracement. 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.
⦿ GOLD (daily): Also retracing but I expect all time highs.
⦿ NATGAS (weekly): Bounced higher to 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)
⦿ BTC (weekly): As expected, we saw some profit taking. Price can drop further (pick your level) but the new bull trend is firmly in place.
➤ Conclusion: 🐆 Awaiting the next Primary trade signal...
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Equities finished flat to down once more. Recent movement has been very low volatility as reflected by the VIX. I still favour further upside as price is well supported at these levels.
➤ That being said, my primary trading strategy did signal an exit and that was executed at end of Friday trade. An exit doesn't mean I am expecting to reverse and go Short. It just means the current trade has run its course. I still hold a long position with 20% of capital due to my secondary trading strategy.
➤ Let's have a quick overview of other assets:
⦿ USD (daily): Similar to the equity market, experiencing a small retracement. 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.
⦿ GOLD (daily): Also retracing but I expect all time highs.
⦿ NATGAS (weekly): Bounced higher to 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)
⦿ BTC (weekly): As expected, we saw some profit taking. Price can drop further (pick your level) but the new bull trend is firmly in place.
➤ Conclusion: 🐆 Awaiting the next Primary trade signal...
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ 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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