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
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