👀 Look Out Below, 7th October 2022

2022年10月6日🖼 Daily Technical Picture 📈

➤ There was a lack of follow-through by the Bulls as prices retreated Thursday, giving up yesterday's gains. This may just be a pause in proceedings but with VIX moving into my panic zone once more, I'm inclined to take a bearish stance.

➤ If I'm right, I'm looking for prices to test the yearly low with a potential higher low or a more bearish break below as outlined by the chart. There should be a subsequent bounce but that is getting way ahead of myself. My crystal ball is extremely short-sighted. 🔮

➤ If I'm wrong, I will take a loss and most likely reverse the position to take a bullish stance.

➤ I opened short positions across US equities SPX500, NSDQ100 and DJ30. I am watching European equities closely to add further short exposure. My current exposure is -120%. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.

➤ Conclusion: US employment numbers out Friday maybe the deciding factor. 📈📉