All in the Stride, 2 Jun 2023

🖼 Daily Technical Picture 📈

➤ Equities shot up to continue the upward march. A Buy signal was triggered and executed. The previous Short position was flipped into a Buy but only after suffering further loss. Clearly the Strategy(ies) are confidently Bullish.

➤ If we look at the movement of the S&P500 equity index since the March bottom we can observe the character of the movement so far. Prices initially accelerated up into April. It proceeded higher with a two steps up, one step down type of progression.

➤ The step down has become shallower and shallower. This sort of behaviour can be thought of as people chasing the market or being more confident to buy the market. They are not willing to wait for lower prices. This is more obvious with the movement in the NASDAQ and mega tech stocks.

➤ Conclusion: 🐆 Surely that only leads to one conclusion: Markets are headed higher.

EQUITY TREND:

⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN