The Boy Who Cried Wolf, 26th January 2023

25 янв. 2023 г.🖼 Daily Technical Picture 📈

➤ Equities recovered after a very weak start to end the session flat. It was a case of the Boy Who Cried Wolf.

➤ This counts as the second time in recent days that equities has refused to fall when it ought have. The first cry was on 18th January. Despite the fall that day, equities recovered quickly unable to gain downside momentum. Today was the second cry but there was again no wolf.

➤ The price is still playing chicken with the 200-day moving average. Similar to what occurred during Nov/Dec 2022. Today, there was a lot of effort used to support the recovery. That recovery was only sufficient to break-even. Having spent all that energy, how much is there left in the tank?

➤ I currently hold no position.

➤ Conclusion: Fool me once, fool me twice...