A Pause, 25th January 2023
🖼 Daily Technical Picture 📈
➤ Equities ended slightly weaker and traded in a narrow range (for once). There are a lot of games being played at the widely watched 200-day moving average that the S&P500 now sits.
➤ There's an overall contraction in the price swings in recent months due to the sideways moving market (since at least November 2022, stretching to May 2022). This flat-lining of movement is a process of building up energy for the next large directional move whatever that may be.
➤ Many people have observed the formation of the inverse head & shoulders chart pattern (a bullish formation). I'm not a big fan of these formations as they are unreliable but more so the construction of the current pattern looks "non-textbook" if I can put it politely.
➤ I currently hold no position.
➤ Conclusion: Pause in the action but not for long.
MrStocky
The Professional Loss Maker
➤ Equities ended slightly weaker and traded in a narrow range (for once). There are a lot of games being played at the widely watched 200-day moving average that the S&P500 now sits.
➤ There's an overall contraction in the price swings in recent months due to the sideways moving market (since at least November 2022, stretching to May 2022). This flat-lining of movement is a process of building up energy for the next large directional move whatever that may be.
➤ Many people have observed the formation of the inverse head & shoulders chart pattern (a bullish formation). I'm not a big fan of these formations as they are unreliable but more so the construction of the current pattern looks "non-textbook" if I can put it politely.
➤ I currently hold no position.
➤ Conclusion: Pause in the action but not for long.
MrStocky
The Professional Loss Maker
🏆 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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