The Real Test...9th January 2023
🖼 Daily Technical Picture 📈
➤ S&P500 marched higher to finish above the consolidation phase that I have mentioned in previous posts. The real test is if the price can hold above the breakout.
➤ In order to do so, the Bulls will need to overcome the first hurdle at the 390 level on the SPY. This is not the strongest of hurdles. Price has sliced through this level (up and down) on numerous occasions. It is therefore not the most reliable.
➤ A failure to hold would see prices reverse back into the consolidation. This would not be a good sign and I think the Bears would be encouraged to take advantage to push prices down to 371 at the minimum.
➤ I currently hold a moderately sized long position.
➤ Conclusion: The bulk of the action may centre around the US inflation data on Jan 12th along with the start of earnings season.
➤ S&P500 marched higher to finish above the consolidation phase that I have mentioned in previous posts. The real test is if the price can hold above the breakout.
➤ In order to do so, the Bulls will need to overcome the first hurdle at the 390 level on the SPY. This is not the strongest of hurdles. Price has sliced through this level (up and down) on numerous occasions. It is therefore not the most reliable.
➤ A failure to hold would see prices reverse back into the consolidation. This would not be a good sign and I think the Bears would be encouraged to take advantage to push prices down to 371 at the minimum.
➤ I currently hold a moderately sized long position.
➤ Conclusion: The bulk of the action may centre around the US inflation data on Jan 12th along with the start of earnings season.
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✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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