Neither Here Nor There, 5 May 2023

🖼 Daily Technical Picture 📈

➤ Another day down, you'd start to think it's becoming a trend. It may be the start but as for now I've downgraded the Short-Term equity trend to Neutral - meaning it's trendless, neither here nor there. The reason for the trendless tag is that we have experienced a higher high and lower low in recent days - a mix of opposing trend definitions.

➤ Note the price gaps all over the place as indicated by the blue arrows. Today's price gap in the SPY warns of that "acceleration" top formation I described in yesterday's post.

➤ Interestingly, both my Primary and Secondary strategy gave exit signals and this has been executed. I currently hold no positions. It is reflective of the opposing forces. This was a nice hedge that helped to protect capital and delivered on the "diversifying" benefits of incorporating both strategies.

➤ Still, we suffered a loss on this hunt and we go hungry. The price action is developing into a familiar structure. If it plays out our way, I think we won't go hungry for long.

➤ Conclusion: 🐆 Trading is a battle between feast and famine.

EQUITY TREND:

⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN