mrstockyetoro

Time for a Pause? 31st October 2022

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AMEX:SPY   SPDR S&P 500 ETF TRUST
🖼 Daily Technical Picture 📈

➤ S&P500 leapt higher to the upper resistance zone highlighted in pink. This is probably the best opportunity for price to take a pause or reverse downwards. A clear break above the zone will give the Bulls impetus to push higher as there is little to no resistance left until the top of the double-bottom formation as explored in a previous post.

➤ VIX is approaching the pink zone as well where reversals have occurred. This will add weight to the Bearish argument. We will know soon enough with key economic data/policy decisions this week including US employment, manufacturing and interest rates.

➤ I closed my ill-timed NASDAQ short exposure and also cut my long exposures in half. Leaving an overall low 20% long exposure. This will change quickly if prices reverse course. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.

➤ Conclusion: Inflexion point incoming?

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