Expect the Unexpected, 16 Mar 2023

16 мар. 2023 г.🖼 Daily Technical Picture 📈

➤ Equities once again recovered the majority of losses to finish the day with positive momentum. If you read my post last week about the "Follow-Through" this is exactly what I meant. Despite the sharp drop and fear in the marketplace, there was no follow-through. Thus the signs point to a rebound higher and I'm now positioned that way with a moderate long position.

➤ As you know, I'm only talking about the very short-term i.e. a few days at the most. That is where I get most transparency and the reason why I operate in this space as a short-term Trader.

➤ The lower price gap in the S&P500 was immediately filled and now a higher gap has been left open. I'm hoping this will get filled in favour of my long position.

➤ Conclusion: With heightened volatility, you can throw a large amount of logic out of the door. Emotional responses are the main driver. Often this is no rational. Expect the unexpected.

NOTES: Tech continues to outperform. S&P500 has not made a new low as yet. Medium uptrend remains intact.