The Exception, 11 May 2023

🖼 Daily Technical Picture 📈

➤ SeePI is out of the way and we are pretty much none-the-wiser. TLT representing long-term interest rates remain in a range and not giving anything away, equities is also trapped in a range. The only exception is the NASDAQ, it has broken above a trading range.

➤ Will it remain the exception? It may do as long as broad markets trade sideways or well supported. I doubt it will continue to outperform if markets begin to fall.

➤ In last week's daily note I talked about topping formations in the SPY in recent times. Currently, the price is testing the high. A failed test of the high (meaning we don't see a new high but a lower high) would be the likely trigger for a reasonably sized fall.

➤ Conclusion: 🐆 Stalking my prey...

EQUITY TREND:

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