Reversal Imminent? 28th November 2022
🖼 Daily Technical Picture 📈
➤ Price action for most of the equity indices are potentially close to price reversals. An exit signal was given for my long position in EUSTX50 (STOXX50) but not yet a short signal.
➤ For a short signal, I think we need to see a large down bar/candle. This down bar should at a minimum reverse the price gains on 23rd November to offer some bearish conviction. If this does occur, we need to be very cautious as it may be a "false" signal. False short signals happen often when there has been strong momentum to the upside.
➤ As mentioned in my previous post, ideally, if price can extend gains to 410 on the SPY and VIX hits 20, that would offer a more compelling area for shorting given past precedence.
➤ I remain long with a +51% long exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Looking for a price reversal. Just a matter of time...
➤ Price action for most of the equity indices are potentially close to price reversals. An exit signal was given for my long position in EUSTX50 (STOXX50) but not yet a short signal.
➤ For a short signal, I think we need to see a large down bar/candle. This down bar should at a minimum reverse the price gains on 23rd November to offer some bearish conviction. If this does occur, we need to be very cautious as it may be a "false" signal. False short signals happen often when there has been strong momentum to the upside.
➤ As mentioned in my previous post, ideally, if price can extend gains to 410 on the SPY and VIX hits 20, that would offer a more compelling area for shorting given past precedence.
➤ I remain long with a +51% long exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Looking for a price reversal. Just a matter of time...
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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.
🏆 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.