New Year, Same Same...4th January 2023

🖼 Daily Technical Picture 📈

➤ First day of US trading in the New Year displayed the same volatility as we have come to enjoy/get used to. A firm positive start filled with promise faltered to finish in the red. I hate to repeat it, but once again the support level held.

➤ A break up or down from this small consolidation/sideways market since mid-December should have some legs. The Bearish scenario should be favoured given the lack of bounce to the upside after the recent sell-off in recent weeks.

➤ Value/Mega-cap stocks like the DJIA index hover above the 200-day moving average. Still displaying strength relative to growth/smaller-cap stocks.

➤ I currently hold no positions.

➤ Conclusion: No let up on volatility. Opportunities are coming.