🖼 Daily Technical Picture 📈
➤ Equities recovered (again) from an ugly start on Easter Monday. While half of the world were still on holidays, equities gradually fell prior to US market open only for the Bulls to come in to support the price at the critical levels. By the end of days' trade, the S&P500 made a round trip back to where it settled prior to the holidays.
➤ So what was all that price action about? Perhaps it is the jittery signs of the earning seasons proper and inflation data on Wednesday. It could be action to shake out the weak hands on the long and short side. Firstly, a drop to weed out the weak Bull and second to sucker in the Bears only to smack them in the face. Overall, the price action wasn't all that meaningful other than to point out that there is strong Bullish support at these levels. We shall see very shortly if this continues to hold true.
➤ I'm currently long with maximum position.
➤ Conclusion: 🐆 I've pounced on my prey. Will I succeed or fail on this hunt?
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Equities recovered (again) from an ugly start on Easter Monday. While half of the world were still on holidays, equities gradually fell prior to US market open only for the Bulls to come in to support the price at the critical levels. By the end of days' trade, the S&P500 made a round trip back to where it settled prior to the holidays.
➤ So what was all that price action about? Perhaps it is the jittery signs of the earning seasons proper and inflation data on Wednesday. It could be action to shake out the weak hands on the long and short side. Firstly, a drop to weed out the weak Bull and second to sucker in the Bears only to smack them in the face. Overall, the price action wasn't all that meaningful other than to point out that there is strong Bullish support at these levels. We shall see very shortly if this continues to hold true.
➤ I'm currently long with maximum position.
➤ Conclusion: 🐆 I've pounced on my prey. Will I succeed or fail on this hunt?
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ 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