🖼 Daily Technical Picture 📈 ➤ Most of you don't come to me for my thoughts on the fundamental aspects of the market environment and I don't usually offer them. There is however one particular aspect I think is worthy of mention. ➤ By now most of you should have read about the fundamental state of affairs in regards to SVB (Silicon Valley Bank). There are huge...
🖼 Daily Technical Picture 📈 ➤ I'm probably being overdramatic by saying all hell has broken loose but it certainly looked that way from my perspective with today's equity performance. The VIX certainly portrayed it by spiking much higher. ➤ Equities experienced the biggest daily drop this year. It is an acceleration of the drop from the Feb 2 high. It was only...
🖼 Daily Technical Picture 📈 ➤ Equity prices finished the day slightly up countering attempts for a further fall. Following-on from yesterday's note, that means there was NO FOLLOW-THROUGH by the Bears. ➤ I think the probabilities now favour a short-term reversal higher for the Bulls. A lacklustre uptick in the VIX with such a Bearish day yesterday was perhaps...
🖼 Daily Technical Picture 📈 ➤ Equity prices ended the day sharply lower. It was either this or the other way round. I hope you chose the right side. I'm still sidelined. ➤ It's not all bad being sidelined. I get to think and write more in regards to my insights into markets and their behaviour. ➤ As I said, NO trade was triggered today. It was close. Now I...
🖼 Daily Technical Picture 📈 ➤ Equity prices ended the day flat after the initial Bullish momentum carried over from last week. Strange was the out-sized relative underperformance of the Russell 2000 small cap stocks. It sold off quite aggressively. What's a plausible explanation? Interest rates? Maybe it was just one of those days... ➤ BTW, I forgot to mention...
🖼 Daily Technical Picture 📈 ➤ My current view of equity markets is based on today's chart colour scheme. Green and a bit of grey. ➤ With a strong rebound higher in markets over the last couple of trading days, I think things look pretty Bullish. The trend from the October 2022 bottom is Bullish. It is a series of higher highs and higher lows. The classical...
🖼 Daily Technical Picture 📈 ➤ A massive reversal of fortunes as the dip buyers show their hand. Is it the end of the short-term downtrend from the 2nd Feb high? ➤ The honest answer to that is I have no idea and no one else does either. We can only assign probabilities as to what may happen next. That after all is what Trading and Investing is all about. Making a...
🖼 Daily Technical Picture 📈 ➤ Another down day to start off March. You can see that prices have trickled down slowly drip by drip since the Feb 2 high. It feels like a death by a thousand cuts. Not enjoyable for the Bulls nor satisfying for the bloodthirsty Bears. ➤ It's certainly different to the drops in the past year where they have been fast and furious....
🖼 Daily Technical Picture 📈 ➤ February is done and dusted. Tuesday trade ended down after a late sell-off. The second consecutive down day. Although prices have moved laterally for past few days, the behaviour shows Bears taking control. Previously, we saw buying support to close out the day, this has now reversed. ➤ I think price is poised to stride lower very...
🖼 Daily Technical Picture 📈 ➤ As per recent weeks equity prices opened with optimism and finished with a whimper. Today was no exception. Price filled the large gap left open on Friday trade but made no further headway. ➤ S&P500 equity index is still dancing around the 400 level and the 200-day moving average. I expect this to continue but only for a few days....
There are many fundamental arguments for and against the strengthening of the US dollar. I'm not really interested in those. My roadmap is the charts. I will therefore update my thoughts based on the price path(s) I see forthcoming. In my last update of EURUSD (my proxy for the US Dollar), I was looking for prices to continue to push higher towards the 61.8%...
⤑ NATGAS found strong support around the key support zone as detailed in my previous post (see related idea) ⤑ The strong weekly performance points to a change of behaviour by market participants. ⤑ The change of behaviour does NOT automatically mean that there is a TREND CHANGE. This is only the first step required for a TREND CHANGE to occur. ⤑ At this time,...
🖼 Daily Technical Picture 📈 ➤ A negative day to finish off a negative (shortened) week for equity prices. S&P500 was down around -2.7% from previous Friday close. ➤ Yet again we saw Friday trade finish higher than it started (green arrows in chart). This makes it 9 consecutive Fridays. Probably the only consistent observation that I can make since the start of...
🖼 Daily Technical Picture 📈 ➤ Equities were all over the place on Thursday trade. Starting higher, dipping lower before moving back up to where it all pretty much started. That is "The 400". ➤ 400 is the key round number level of the S&P500 Index (SPY) or 4,000 for the SPX500. Price tends to get drawn to and then gyrate around these round numbers like a moth to...
🖼 Daily Technical Picture 📈 ➤ Equities finished slightly down although tech and small cap outperformed. Price recovered from the day's low towards the end of the trading session but was not able to hold on to earlier gains. ➤ Overall, there's little to say about today's price action. S&P500 once again finished below the 400 level. Usually around these "round"...
🖼 Daily Technical Picture 📈 ➤ It was a strong red day across the board with small-cap and tech suffering the most. Interestingly the DOW 30 lost more than the S&P500. That is unusual. Our hanging wo(man) failed to hold on to support on two accounts. Firstly the short-term low at 405 and also the 200-day Moving Average. ➤ Today's losses wiped out all of the...
Needless to say, this week is an important week for NATGAS price action. ✪ Price needs to hold within or break above the SUPPORT ZONE asap. A sizeable rebound higher would be expected if this succeeds. 📈 ✪ Failure to hold the SUPPORT ZONE will most likely see prices deteriorate further, possibily to the LOW at $1.50 😓 ☝️ We are yet to see a state of...
🖼 Daily Technical Picture 📈 ➤ Equity prices finished Friday trade in an unconvincing manner. It looks like a wo(man) struggling to hang on from height (as illustrated). Obviously I'm a bit biased given my short positioning. Price did hold above the recent low at 405 so there is an opportunity for price to continue to recover. ➤ BTW, have you noticed that on...