💤 No Hibernation...11th October 2022

🖼 Daily Technical Picture 📈

...for the Bears as equity prices continue to fall in an orderly manner. The NASDAQ closing on a fresh new low, S&P500 not far behind. That being said, we did see prices reverse aggressively when the S&P500 made a new daily closing low on 30th Sep, so there's that possibility once again.

➤ Across in Europe, the indices couldn't hold large gains after gapping down lower. I added a small short position in STOXX50 as prices may play catch-up and go back to test the yearly low.

➤ I increased my short exposure to -80%. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.

➤ Conclusion: Prices look to continue their march lower. The worrying sign is that it is very orderly and shows no capitulation. That's when a more permanent bottom is usually found.