Room for MOAR? 31 Mar 2023
🖼 Daily Technical Picture 📈
➤ Once again equities gapped higher. Depsite some "gap filling" action, price recovered to finish some distance from the lows. All is not equal of course, Nasdaq still leads the way and Russell2000 small cap woefully lagging. Long big tech and and short the weaker small caps would have been a wonderful trade.
➤ So is there MOAR upside to come? From a technical standpoint, yes, perhaps a bit more. Immediate resistance at 405 on the SPY followed by 410 and 417 areas. It will require VIX to remain low for the higher targets to be achieved. That is certainly plausible. Note that a print above 407.45 (6th March high) would void the short-term down trend due to a higher high.
➤ Keep in mind the sizable lower price gap that is unfilled from Wednesday trade.
➤ Conclusion: Still holding on to my moderate long position. An exit shouldn't be too far away especially if there is a sizable down turn in price.
EQUITY TREND:
⦿ Short-term (weeks) - DOWN
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Once again equities gapped higher. Depsite some "gap filling" action, price recovered to finish some distance from the lows. All is not equal of course, Nasdaq still leads the way and Russell2000 small cap woefully lagging. Long big tech and and short the weaker small caps would have been a wonderful trade.
➤ So is there MOAR upside to come? From a technical standpoint, yes, perhaps a bit more. Immediate resistance at 405 on the SPY followed by 410 and 417 areas. It will require VIX to remain low for the higher targets to be achieved. That is certainly plausible. Note that a print above 407.45 (6th March high) would void the short-term down trend due to a higher high.
➤ Keep in mind the sizable lower price gap that is unfilled from Wednesday trade.
➤ Conclusion: Still holding on to my moderate long position. An exit shouldn't be too far away especially if there is a sizable down turn in price.
EQUITY TREND:
⦿ Short-term (weeks) - DOWN
⦿ 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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