Taking A Swing, 10 Mar 2023

2023년 3월 9일🖼 Daily Technical Picture 📈

➤ I'm probably being overdramatic by saying all hell has broken loose but it certainly looked that way from my perspective with today's equity performance. The VIX certainly portrayed it by spiking much higher.

➤ Equities experienced the biggest daily drop this year. It is an acceleration of the drop from the Feb 2 high. It was only yesterday that I was more in favour of an upward swing. Today's price action clearly have swung it back to the Bears.

➤ It's finally time. Continuing with my cricket analogy: The ball was delivered to my liking and I have taken a big swing of the bat. Will I be able to score some runs or will I get caught?

➤ Is this just the beginning of a fast and furious drop or will it be a short-lived affair? In the case I am right. The downside targets are 387, 380 and 370 on the SPY.

➤ Conclusion: I am Short with full risk after today's price action.

NOTES: S&P500 looks to have moved decisively away from the 200 day moving average.