Stalemate, 12 May 2023

🖼 Daily Technical Picture 📈


➤ Equities are trading in a range within a range within another range in varying timeframes. It’s a stalemate. After the stalemate comes the party. I’m getting my outfit ready. 👗

➤ Although equities are in a stalemate, other asset classes are not. GOLD looks to be in the early stages of breaking lower. EURUSD is already on the way down. I’m looking at this from a short-term trade opportunity.

➤ If you have seen my trading history you will notice plenty of flat spots where I am not involved in the equity market like now. Periods like this don't last very long.

➤ Conclusion: 🐆 Don't miss out on the Party! 🎉

EQUITY TREND:

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