The Chop, 24 Apr 2023

🖼 Daily Technical Picture 📈

➤ Equities finished flat to down once more. Recent movement has been very low volatility as reflected by the VIX. I still favour further upside as price is well supported at these levels.

➤ That being said, my primary trading strategy did signal an exit and that was executed at end of Friday trade. An exit doesn't mean I am expecting to reverse and go Short. It just means the current trade has run its course. I still hold a long position with 20% of capital due to my secondary trading strategy.

➤ Let's have a quick overview of other assets:

⦿ USD (daily): Similar to the equity market, experiencing a small retracement. I expect further weakening, 1.13 being the target (EURUSD).
⦿ TLT (weekly): Still range bound. I favour the long-term downtrend meaning higher interest rates.
⦿ GOLD (daily): Also retracing but I expect all time highs.
⦿ NATGAS (weekly): Bounced higher to the 2.30 long term resistance zone. It doesn't look strong enough to breach the resistance. Further downside expected.
⦿ OIL (3-day): Bullish move may have peaked. If true, I expect a re-test of the low at a minimum at 64 (WTI)
⦿ BTC (weekly): As expected, we saw some profit taking. Price can drop further (pick your level) but the new bull trend is firmly in place.

➤ Conclusion: 🐆 Awaiting the next Primary trade signal...

EQUITY TREND:

⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN