Who Blinks First? 19 Apr 2023

🖼 Daily Technical Picture 📈

➤ Equities ended slightly higher at the lower end of today's trading range. It was another one of those days that meant little by itself yet a story is unfolding within the context of a string of these days.

➤ When prices leapt higher from the March low, we saw the aggressive acceleration with large-sized daily moves and price gaps from day to day. A sign of excitement and enthusiasm. In recent days, we see the complete contrast with hesitative small daily moves creeping higher each day.

➤ With my best "tape" reading glasses on, I still cannot decipher which binary outcome it will be: Re-acceleration upwards explained by an upward accumulation phase or a Bearish trend reversal explained by the tiring progress into key resistance levels. Only one outcome can be true.

➤ I remain long with a small position.

➤ Conclusion: 🐆 Who will blink first?

EQUITY TREND:

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