End of the End, 16 May 2023

🖼 Daily Technical Picture 📈

➤ Daily range of the S&P500 is coiling tighter together, forming a symmetrical triangle pattern (▶︎). Can you see it? That means price is about to make a move. It's the end of the end.

➤ Symmetrical triangles are symmetrical for one reason, the price movement out of the triangle is a 50/50 toss of a coin, up or down. There is no edge to be obtained from guessing which direction it will go.

➤ So relax like I have been by chewing on some good ol' bamboo and wait for price to resolve itself. That is when the action starts.

➤ Conclusion: 🐆 Enter the beginning of the beginning.

P.S. For those of you following my Live Paper Testing (trading of individual stocks and multi-asset classes), take note that I'm shorting quite a number of stocks. Despite the market moving higher today most of those stocks fell. This reflects the funny market where a handful of mega tech stocks are holding up the index.