First Opportunity...5th January 2023

🖼 Daily Technical Picture 📈

➤ Once more optimism helped equities start higher in morning trade. Not surprisingly, that enthusiasm waned again as price filled the opening gap by falling back to the support level. The difference today was that the price recovered to close the day above the opening.

➤ Given the strength, I have taken this opportunity to open my first trades of the year. I'm looking for continued strength. The first hurdle is to break above the consolidation high at 387.3 on the SPY, 390 is then the second hurdle. I don't expect to hold this buy position for long especially if price stays within the consolidation or fails to the downside.

➤ I currently hold a moderately sized long position.

➤ Conclusion: We're off to the races.