ðš Dancing Around Support, 8th October 2022
ðž Daily Technical Picture ð
âĪ Equities took a dive towards the lower support level. Note that this support level has already been violated by a daily close to set a yearly low on 30th Sep. This makes it less reliable as a line of defence. Still, price did bounce off that level prior to end Friday trade.
âĪ The momentum is with the Bears but we should tread carefully around these levels. Price could just as easily reverse course if there is hesitation to push lower.
âĪ The European indices did not give me an additional short signal (as yet). They have bounced harder off the bottom than US indices and have held those gains much better.
âĪ I reduced my exposure to -60% to take some profit prior to the weekend. Politicians/Govt Officials tend to do their best work on the weekend. Prices can gap either way if something happens. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
âĪ Conclusion: Prices are dancing around support. A small solo dance to celebrate my wins but I'm in no mood to Tango.
âĪ Equities took a dive towards the lower support level. Note that this support level has already been violated by a daily close to set a yearly low on 30th Sep. This makes it less reliable as a line of defence. Still, price did bounce off that level prior to end Friday trade.
âĪ The momentum is with the Bears but we should tread carefully around these levels. Price could just as easily reverse course if there is hesitation to push lower.
âĪ The European indices did not give me an additional short signal (as yet). They have bounced harder off the bottom than US indices and have held those gains much better.
âĪ I reduced my exposure to -60% to take some profit prior to the weekend. Politicians/Govt Officials tend to do their best work on the weekend. Prices can gap either way if something happens. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
âĪ Conclusion: Prices are dancing around support. A small solo dance to celebrate my wins but I'm in no mood to Tango.
ð eToro Popular Investor ð°
â Copy My Trades @ eToro, etoro.com/people/mrstocky
â Verified Track Record ð
Not Investment Advice
â Copy My Trades @ eToro, etoro.com/people/mrstocky
â Verified Track Record ð
Not Investment Advice
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