Pretty Ugly, 26 Apr 2023
🖼 Daily Technical Picture 📈
➤ From sitting pretty to pretty ugly. Today's price action has upended the bullish thesis that I was building. However, one ugly day doesn't mean things will now completely reverse. We need two days...OK, I'm just kidding. But on a serious note, the balance of power between the Bulls and Bears have seriously swung towards the Bears.
➤ In after-hours, GOOGL and MSFT stock are being heavily supported post earnings release. Let's see if this can hold up on Wednesday in particular at a broader market/index level. Note that AMZN and META also release earnings this week Wed/Thu (but after market close).
➤ Clearly, the Regional Bank crisis is on-going with FRC in the spotlight. This may re-spark conditions that was experienced during the SVB phase of the crisis.
➤ I got a very short-term buy signal and that was executed dutifully. I am now moderately long and looking for a quick bounce.
➤ Conclusion: 🐆 Pounced. A successful or failed hunt? We will know soon.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ From sitting pretty to pretty ugly. Today's price action has upended the bullish thesis that I was building. However, one ugly day doesn't mean things will now completely reverse. We need two days...OK, I'm just kidding. But on a serious note, the balance of power between the Bulls and Bears have seriously swung towards the Bears.
➤ In after-hours, GOOGL and MSFT stock are being heavily supported post earnings release. Let's see if this can hold up on Wednesday in particular at a broader market/index level. Note that AMZN and META also release earnings this week Wed/Thu (but after market close).
➤ Clearly, the Regional Bank crisis is on-going with FRC in the spotlight. This may re-spark conditions that was experienced during the SVB phase of the crisis.
➤ I got a very short-term buy signal and that was executed dutifully. I am now moderately long and looking for a quick bounce.
➤ Conclusion: 🐆 Pounced. A successful or failed hunt? We will know soon.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 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
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