Hang On Tight! 22 Feb 2023
🖼 Daily Technical Picture 📈
➤ It was a strong red day across the board with small-cap and tech suffering the most. Interestingly the DOW 30 lost more than the S&P500. That is unusual. Our hanging wo(man) failed to hold on to support on two accounts. Firstly the short-term low at 405 and also the 200-day Moving Average.
➤ Today's losses wiped out all of the February gains as well as 50% of the gains for the year (as measured from the recent peak).
➤ So where will our hanging wo(man) land? Around 390 is a clear first target. If that doesn't hold, next level is 380.
➤ I continue to hold my large short position.
➤ Conclusion: Hang on tight!
➤ It was a strong red day across the board with small-cap and tech suffering the most. Interestingly the DOW 30 lost more than the S&P500. That is unusual. Our hanging wo(man) failed to hold on to support on two accounts. Firstly the short-term low at 405 and also the 200-day Moving Average.
➤ Today's losses wiped out all of the February gains as well as 50% of the gains for the year (as measured from the recent peak).
➤ So where will our hanging wo(man) land? Around 390 is a clear first target. If that doesn't hold, next level is 380.
➤ I continue to hold my large short position.
➤ Conclusion: Hang on tight!
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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