mrstockyetoro

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Equities gapped lower but found short-term support at the 410 level on the SPY. The VIX accelerated higher. In after-hours trading the price has bounced higher. It would be interesting to see if this is sustained until market open. It could lead to the filling of the gap and in doing so creating another gap. Are you following my...

mrstockyetoro

🖼 Daily Technical Picture 📈 "D is for Down Like the Market today D is for Distribution We are on our way" ➤ Equities fell back into the recent consolidation. As discussed in yesterday's note, the price action now favours the bearish view. Price tends to fall to the bottom of the range. ➤ Assuming we are in the Distribution phase, the path lower can be abrupt or...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Yesterday I discussed the potential bullish narrative resulting from a "re-accumulation" phase. Today I'd like to explore the bearish narrative in the form of "distribution". ➤ Distribution is the result of Whales reducing or selling out of their previously accumulated positions. Obviously, they wish to get the best price when...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Due to unpopular demand there will be no more rhyme. I guess I will stick with Trading as my full-time job. ➤ We currently have a textbook re-test of the breakout above the recent consolidation in the S&P500. We will need to re-label the consolidation as a "re-accumulation" if it proves to be a bullish. Re-accumulation simply means...

mrstockyetoro

🖼 Daily Technical Picture 📈 "The market has broken out, So has my trading drought, We are back in the action, Will we profit? That is the question." ➤ The colour theme of today's chart background is fire 🔥 because it looks like the equity market is red hot. Is the Bear market over? It's certainly pointing that way. 👆 ➤ To be frank, I'm not a big fan of breakout...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ S&P500 moved higher to the top of the range. It has been consolidating since 18th April. Wyckoff enthusiasts will note that we may be approaching the latter stages (Phase C). If I were to use a plane analogy, the plane is taxiing towards the runway ready for lift-off. The issue is that we aren't told if we are heading North or...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ S&P500 showed further signs of weakness. Can you guess which stocks prevented the true weakness from showing? We were a nose hair away from triggering a Short trade. In fact I had the order page ready on all my trading platforms. Perhaps we need to wait another day. ➤ To be truthful, I'm glad we haven't been in any trades these past...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Daily range of the S&P500 is coiling tighter together, forming a symmetrical triangle pattern (▶︎). Can you see it? That means price is about to make a move. It's the end of the end. ➤ Symmetrical triangles are symmetrical for one reason, the price movement out of the triangle is a 50/50 toss of a coin, up or down. There is no edge...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Equities are trading in a range within a range within another range in varying timeframes. It’s a stalemate. After the stalemate comes the party. I’m getting my outfit ready. 👗 ➤ Although equities are in a stalemate, other asset classes are not. GOLD looks to be in the early stages of breaking lower. EURUSD is already on the way...

mrstockyetoro

🖼 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...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Yawn!!! 🥱. That's all for today's description of price action. See you on SeePI Wednesday... ➤ Now I fully comprehend the adage "Sell in May and Go Away". Because nothing happens in May. May as well cash out and earn some juicy returns in a money market fund at 4 or 5% pa. ➤ Let's see if CPI numbers present some volatility (and oh...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Equities changed little on Monday trade. It is probably digesting the price reactions from last week. It is also probably awaiting to see the CPI numbers on Wednesday. The data is released pre-market 1hr before US open so we may see some positioning ahead of the inflation number during Tuesday trade. ➤ To be honest I'm not expecting...

mrstockyetoro

🖼 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...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Equities continued to sell-off but not aggressively. It wasn't the kind of impact we have had on previous interest rate decision days. That being said, futures are down further in Asian trade. ➤ Let's have a look at the last couple of topping formations of the SPY at previous peaks in Dec 2022 and Feb 2023. If we have just witnessed...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ Sharp drop in equities accompanied by a spike in the VIX. It seems the market didn't like the taste of abnormal low vol. It wanted things to get back to "normal". As a Trader, "normal" is good although sometimes we end up on the wrong side like today. Bring back the Volatility. ➤ The Strategy did as it should by halving the position...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ An attempt to break above the Feb high fell flat. Literally. Equities ended where it started, slighty down from Friday close. It isn't a good look. ➤ Over the last few days, there has been a deceleration in the up move evidenced by the smaller candle sizes or price bars. It's like a car decelerating towards a known barrier ahead. It...

mrstockyetoro

🖼 Daily Technical Picture 📈 1 May 2023 ➤ Bullish sentiment drove prices higher once more on the last day of April trade. The momentum is building to take out the Feb high at 418.31 on the SPY. This level is important if looking at the monthly chart. A monthly close above this level will in my opinion bring about the beginnings of a longer term bull market. Will...

mrstockyetoro

🖼 Daily Technical Picture 📈 ➤ An aggressive pump higher today in equities, undoing all the Bear's work over the previous days. The Bears are banished...or are they? ➤ It does look like one-way traffic at the moment. The Bulls have control. The only issue I have so far is their inability to close a month beyond the Feb 2023 high. This monthly high close (and...