🖼 Daily Technical Picture 📈
➤ I'm not a day trader but it's a perfect market environment to be one. Volatility is just at the right level where prices swing/trend but are constrained in a range. Today was a perfect example.
➤ Equity prices swung up and down and finished slightly positive. Once again NASDAQ outperformed and the regional bank heavy Russell 2000 small cap stocks lagged. There's also lots of money to be made by astute sector selection just like last year. Money can still be made by a long-only investor in a Bear market!
➤ Today's price action keeps the Bears in play. An attempt to reverse yesterday's plunge failed albeit no further ground was lost. This was helped by the 200 day moving average acting as a wall of resistance. The VIX acted a bit better to correspond with that bearish tone but still looks unconvincing.
➤ Conclusion: We are getting closer to a suitable trade set-up.
EQUITY TREND:
⦿ Short-term (weeks) - DOWN
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ I'm not a day trader but it's a perfect market environment to be one. Volatility is just at the right level where prices swing/trend but are constrained in a range. Today was a perfect example.
➤ Equity prices swung up and down and finished slightly positive. Once again NASDAQ outperformed and the regional bank heavy Russell 2000 small cap stocks lagged. There's also lots of money to be made by astute sector selection just like last year. Money can still be made by a long-only investor in a Bear market!
➤ Today's price action keeps the Bears in play. An attempt to reverse yesterday's plunge failed albeit no further ground was lost. This was helped by the 200 day moving average acting as a wall of resistance. The VIX acted a bit better to correspond with that bearish tone but still looks unconvincing.
➤ Conclusion: We are getting closer to a suitable trade set-up.
EQUITY TREND:
⦿ Short-term (weeks) - DOWN
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, www.etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice