"Bearly" Alive, 31 May 2023
🖼 Daily Technical Picture 📈
➤ Bulls may have horns instead of FAANGS but it is just an effective weapon. By some measures the Bear market is over and the Bull market phase is in its infancy.
➤ For me, a strong monthly close in May above the February high is that confirmation. Such a close would reverse the downtrend on the monthly chart. A failure to do so will keep the Bears alive...barely.
➤ The only threat to the Bull market story is in the lack of breadth of stocks contributing to the rise of equities. A strong market is usually composed of multiple sectors leading the charge. Here we only have a very select group of mega tech stocks. To breathe new life into the Bearish narrative, the FAANG bubble needs to implode almost immediately along with the AI hype.
➤ I hold a small short position.
➤ Conclusion: 🐆 FAANGS are sharp.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Bulls may have horns instead of FAANGS but it is just an effective weapon. By some measures the Bear market is over and the Bull market phase is in its infancy.
➤ For me, a strong monthly close in May above the February high is that confirmation. Such a close would reverse the downtrend on the monthly chart. A failure to do so will keep the Bears alive...barely.
➤ The only threat to the Bull market story is in the lack of breadth of stocks contributing to the rise of equities. A strong market is usually composed of multiple sectors leading the charge. Here we only have a very select group of mega tech stocks. To breathe new life into the Bearish narrative, the FAANG bubble needs to implode almost immediately along with the AI hype.
➤ I hold a small short position.
➤ Conclusion: 🐆 FAANGS are sharp.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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