Support, Kinda, 31st August 2022

🖼 Daily Technical Picture 📈

➤ Prices continued to slide after strong pre-market gains. Gains turned to losses as consumer and employment data remain strong despite efforts by the Fed to weaken demand to fight inflation.

➤ The sell-off is nearing some support levels. Although these levels don't look particularly convincing. Prices have sliced through easily at times. Still, if we hit these levels, we might see some choppy conditions.

➤ I remain at -40% exposure with shorts on DAX and UK100. This is a low exposure. The maximum exposure is +/- 200%, the level of highest conviction.

➤ Conclusion: European indices held well relative to US counterparts which is annoying since I'm short the former. Hopefully they can play catchup. Still looking for a VIX spike to give an indication where the sell-off may reverse.