🖼 Daily Technical Picture 📈
➤ Friday trade in Equities ended down. However, when viewed from the candlestick charts, you can see that the price action was fully "engulfed" by the Bullish candle/bar on Thursday. The interpretation of this action should therefore place more importance on the dominant Bullish candle.
➤ In early Monday Asian trade, things are positively biased. However, we should be aware of the current short and medium technical set-ups in and around the news flow.
➤ In the short-term (since Jan 2 high), we are still in a down-trend (lower lows, lower highs) but in the medium-term (since Oct '22 low), we remain in an up trend (higher highs, higher lows). This paints a mixed picture. When we are in this territory, prices tend to fluctuate more due to the conflicting positioning of market participants.
➤ First and foremost, I think VIX will settle down lower in the immediate term. It may then spike again. That may present a great short opportunity. Keep in mind that the Wednesday 22nd Fed rate decision will probably be the most watched market event ever.
➤ Conclusion: Stick closely to your trading/investment plan, don't get swayed by the news flow.
NOTES: BTC and Gold are well supported. I will provide an update on Gold price action later today.
➤ Friday trade in Equities ended down. However, when viewed from the candlestick charts, you can see that the price action was fully "engulfed" by the Bullish candle/bar on Thursday. The interpretation of this action should therefore place more importance on the dominant Bullish candle.
➤ In early Monday Asian trade, things are positively biased. However, we should be aware of the current short and medium technical set-ups in and around the news flow.
➤ In the short-term (since Jan 2 high), we are still in a down-trend (lower lows, lower highs) but in the medium-term (since Oct '22 low), we remain in an up trend (higher highs, higher lows). This paints a mixed picture. When we are in this territory, prices tend to fluctuate more due to the conflicting positioning of market participants.
➤ First and foremost, I think VIX will settle down lower in the immediate term. It may then spike again. That may present a great short opportunity. Keep in mind that the Wednesday 22nd Fed rate decision will probably be the most watched market event ever.
➤ Conclusion: Stick closely to your trading/investment plan, don't get swayed by the news flow.
NOTES: BTC and Gold are well supported. I will provide an update on Gold price action later today.
🏆 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.
🏆 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.