The Exception, 11 May 2023
🖼 Daily Technical Picture 📈
➤ SeePI is out of the way and we are pretty much none-the-wiser. TLT representing long-term interest rates remain in a range and not giving anything away, equities is also trapped in a range. The only exception is the NASDAQ, it has broken above a trading range.
➤ Will it remain the exception? It may do as long as broad markets trade sideways or well supported. I doubt it will continue to outperform if markets begin to fall.
➤ In last week's daily note I talked about topping formations in the SPY in recent times. Currently, the price is testing the high. A failed test of the high (meaning we don't see a new high but a lower high) would be the likely trigger for a reasonably sized fall.
➤ Conclusion: 🐆 Stalking my prey...
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ SeePI is out of the way and we are pretty much none-the-wiser. TLT representing long-term interest rates remain in a range and not giving anything away, equities is also trapped in a range. The only exception is the NASDAQ, it has broken above a trading range.
➤ Will it remain the exception? It may do as long as broad markets trade sideways or well supported. I doubt it will continue to outperform if markets begin to fall.
➤ In last week's daily note I talked about topping formations in the SPY in recent times. Currently, the price is testing the high. A failed test of the high (meaning we don't see a new high but a lower high) would be the likely trigger for a reasonably sized fall.
➤ Conclusion: 🐆 Stalking my prey...
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ 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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.