Closing the Gap, 14th December 2022
🖼 Daily Technical Picture
➤ Inflation data came in softer than expected and equities prices jumped with enthusiasm. By end of trade, much of the gains were given up.
➤ The result of the inflation data resulted in a huge price gap between the previous day's close and market open. Gaps like these tend to get closed over time or like today...immediately. Note that there is still an lower unclosed gap created on 10th Nov also due to the CPI data.
➤ That being said, S&P500 set a new high since the 13th Oct bottom. I don't yet see any signs that this uptrend is done. The Fed interest rate decision and subsequent price movement could change this. A significant Bearish bar may result in a Change of Character.
➤ I currently hold NO exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Time to be patient.
➤ Inflation data came in softer than expected and equities prices jumped with enthusiasm. By end of trade, much of the gains were given up.
➤ The result of the inflation data resulted in a huge price gap between the previous day's close and market open. Gaps like these tend to get closed over time or like today...immediately. Note that there is still an lower unclosed gap created on 10th Nov also due to the CPI data.
➤ That being said, S&P500 set a new high since the 13th Oct bottom. I don't yet see any signs that this uptrend is done. The Fed interest rate decision and subsequent price movement could change this. A significant Bearish bar may result in a Change of Character.
➤ I currently hold NO exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.
➤ Conclusion: Time to be patient.
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✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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